Insolvency is considered by many to be something that only affects the lower echelons of society – an attitude that is increasingly being seen as outdated, not to mention snobbish. And it's celebrities as much as anyone who are changing the way we view it.

While insolvency will always be most predominant among the poor – it is, after all, a purely financial situation – the fact that it can affect all levels of society can often come as a surprise to those who live in more affluent surroundings – especially when they have to face it themselves. But they can take solace in the growing number of celebrities who are demonstrating that there is life after insolvency and helping put the OK into ‘broke'.

I'm a celebrity, declare me insolvent

Most recently, I'm A Celebrity winner Christopher Biggins revealed he had declared himself bankrupt in the 1990s when he realised he couldn't carry on "living like a king" while "totally skint". In fact, he was £50,000 in debt.

Another reality TV star – Simon Cowell, the driving force behind Pop Idol, American Pop Idol and X-Factor, has also been through insolvency. His Porsche was repossessed when he was a 28-year old record label executive; despite his millionaire lifestyle, he was allegedly left with £3 in his pocket.

Insolvency – a human soap opera

Former redcoat Shane Ritchie flirted with insolvency – even while he was being paid £200,000 a year to play barman Alfie Moon on Eastenders. The star overcame debts of half-a-million pounds, but had to sell his £2 million mansion and had his car repossessed in the process.

Another soap actor, Coronation Street's Bill Roache, went through insolvency in 1999 when he was ordered to pay legal costs despite winning a libel case against the Sun newspaper. And TV actor and Minder star Gary Webster faced insolvency in 2005 when he was declared bankrupt with debts of £35,000 – and his flat in the upmarket London suburb of Richmond-on-Thames was placed in the hands of the receivers.

Insolvency in the USA

And it's not just British celebrities who go through the insolvency mill. "Iron" Mike Tyson was once one of the richest sportsmen in the world – but was declared bankrupt when his debts surpassed £70 million. And, in 1993, Hollywood star Kim Basinger was forced to declare herself bankrupt to settle a dispute with a film studio – despite her being one of the most bankable movie stars of the time.

So, if you're worried about insolvency, it may help to realise that you're not by any means alone. And in the case of most of those people, it can be reassuring to look at what they've achieved since.

Talk to Varden Nuttall about insolvency

Varden Nuttall has been established for more than 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an individual voluntary arrangement (IVA). We employ 90 people, including trained and skilled individual voluntary arrangement administrators, we are one of the largest individual voluntary arrangement companies in the UK and handle more than three per cent of all individual voluntary arrangement applications. To find out more about the company, or to make an appointment to talk about putting an individual voluntary arrangement in place, call us today on 0800 031 9802 or fill in our online enquiry form.