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Actor files for bankruptcy protection

Published on 23 Jul 2009 under category: legal

A Hollywood actor has filed for Chapter 11 bankruptcy protection, it has been revealed.

Stephen Baldwin, brother of fellow star Alec, took the action on Tuesday (July 21st).

According to a court document, the 43 year old has debts of $2.3 million (£1.4 million), $1 million of which is in tax, bankruptcy solicitors may be interested to hear.

The Usual Suspects star is also reported to owe around $70,000 in credit card debts and more than $1 million on two mortgages for properties in the US.

Kennya Baldwin, the actor's wife, is also named in the document filing for Chapter 11 bankruptcy protection.

In other news which may involve bankruptcy solicitors, bondholders which are provided $3 billion in loan funding to the CIT Group are recommending that after a debt tender next month the firm is restructured through bankruptcy, Bloomberg reported.

The news provider cited a "person familiar with the matter" as its source on the issue.