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Celebrity Bankruptcy: Val Kilmer's Second Tax Lien A Sign Of Troubles?

Posted By admin || 14-Feb-2011

Val Kilmer, the 'tough guy' actor, who is known for his roles in "Batman Forever," "The Doors" and "Top Gun" is battling with the IRS over yet another tax lien. The lien for $498,165 in unpaid taxes from 2008 listed property that Kilmer has been trying to sell, including a ranch in New Mexico that is currently on the market for $18.5 million...Kilmer has experienced tax problems in the past.

The IRS filed a $538,858 tax lien against him in July 2009 in Bergen County, N.J. In September 2004, the New Mexico Court of Appeals ruled against Kilmer and his ex-wife, actress Joanne Whalley, in a dispute over a tax refund of more than $300,000 sought by the couple. And Kilmer just paid off a tax debt of $538,858 seven months before he was faced with his current tax lien. Could Kilmer's tax troubles be a sign that he might need to consider bankruptcy? It's very possible.

When a debtor begins falling behind on their debt payments it's usually not as big as a tax debt.  The debtor doesn't consider bankruptcy because maybe they are just late paying a few credit card bills or they fell behind slightly on their mortgage and it's not seen by anyone.  But a tax lien is a very public debt issue that tells us that it is possible that Kilmer is facing other unseen issues. It's not likely that Kilmer simply forgot about his tax bill or that he is doing his own accounting.  People of his stature have professionals working with them who are responsible for their financial well-being.  The fact that the tax bills were not paid is a sign that other troubles may lurk out of sight and that this actor may need to consider their bankruptcy options.

(source: )

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