Actor Stephen Baldwin and his wife have filed for Chapter 11 protection after incurring millions in debt, including a hefty sum owed to the IRS.
Baldwin and his wife Kennya listed federal income tax debts of $749,974.03 stretching from 1999 to 2008 on their Chapter 11 filing, according to a Wall Street Journal blog. They also owe withholding taxes in the amount of $139,288.30 for a company, Predestined Pictures.
In addition, they owe the State of New York another $194,527.31 in income taxes for 2004-2008. The Baldwins bankruptcy petition also lists $1.19 million owed on two mortgages on their house.
Stephen, 43, is the brother of fellow actors Alec, Daniel and William Baldwin. His movies include The Young Riders, Last Exit to Brooklyn, The Usual Suspects and Mrs. Parker and the Vicious Circle. More recently, he has appeared on reality TV series such as The Celebrity Apprentice and Im a Celebrity Get Me Out of Here.
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