Lady Gaga has had a level of success in her 32 years that most artists can only dream of. Now she's got two Oscar nominations for A Star Is Born -- including one for Best Actress. Gaga, who was born Stefani Germanotta, became a very wealthy woman thanks to her album sales and concert tours.
However, she says that less than a decade ago, after the first leg of her worldwide Monster Ball tour, she learned that she was deeply in debt. This was three years after her 2008 debut album.
She says the news came as a shock to her. "I remember I called everybody and said, 'Why is everyone saying I have no money? This is ridiculous. I have five No. 1 singles.' And they said, 'Well, you're $3 million in debt.'"
Gaga says that she rebuilt her finances thanks to "the sheer quality and popularity" of her music. She reportedly earned $50 million in the first half of last year alone, according to Forbes. She's currently got a lucrative Las Vegas residency at the Park Theater for which she's reportedly being paid $1 million per show.
Gaga, who claims that "money means nothing to me," says that she puts most of what she earns back into her shows. She names two things she's splurged on -- "my dad's heart valve and a Rolls-Royce for my parents, for their anniversary."
Anyone can end up in serious debt -- no matter what their income is -- if they're spending more than they have. That's why so many people get into trouble with credit card debt. However, most people don't have the opportunities to earn the kind of money that Lady Gaga has to get themselves out of a financial black hole.
If you're facing more debt than you can handle, it's worthwhile to explore all of your options -- including bankruptcy. An experienced attorney can provide valuable information and guidance to help you decide what is best for you.