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Lorenzo Lamas bankrupt: Actor broke with tax debt to blame

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Lorenzo Lamas is bankrupt, and this is not the first time the actor has been faced with this problem when it comes to his finances. He has filed for bankruptcy before, and he has been forced to do so once again. On April 29, Daily Mail reported on the bankruptcy filing by the former soap star. He once appeared on "The Bold and the Beautiful."

What is the full story with Lamas? The actor just wrapped an appearance on "Celebrity Apprentice" on NBC, but he is reporting that he has no income. He also has $322k in debt. The actor has filed for Chapter 7 bankruptcy. What does he current financial picture look like? He currently has $9,100 in assets. Only $430 of those assets are cash. That amount is in his checking account.

The debts he owes are mostly in back taxes to both the federal government and the state. He also owes $20k in domestic support. Lamas has been married four times, and he has six children. Three of his children are under the age of 18.

Lamas does have some work ahead. "Celebrity Apprentice" has not even premiered its new season on NBC yet, and the actor has three films coming out over the next year. Some of his debts were taken care of by the new bankruptcy claim, but the filing will not erase his back taxes or his domestic support debt. He last filed bankruptcy in 2004. What do you think of Lamas' money troubles? Why can't he control his finances?

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