Mekhi Phifer, best known for his roles in "8 Mile" and as Dr. Greg Pratt on NBC's "ER," is the latest celebrity to go broke, filing for bankruptcy after racking up approximately $1.2 million in back taxes, $50,000 in lawyer fees and $4,500 in back child support. Here's a look at other celebs who have gone from bank to bust:
Betsey Johnson -- In 2012, the fashion maven declared bankruptcy due to $4.1 million in debts owed to several manufacturers.
Allen Iverson -- He was NBA Rookie of the Year in 1996 and raked in $154 million over his career, but Iverson lost everything in 2012.
Natalie Cole -- Nat King Cole's daughter -- a talented singer in her own right -- went bankrupt in 1997 after a career marked by both award-winning success and personal lows as a drug abuser.
Sly Stone -- After decades of opulence and substance abuse, the front man of the soul/funk band Sly and the Family Stone lives in a van parked on a street in Los Angeles.
Stephen Baldwin (right) -- In 2009, the baby of the Baldwin family hit rock bottom with debts around $2.3 million. The following year, he narrowly escaped jail for tax evasion.
Jon Gosselin -- The reality TV star lost everything after he and Kate divorced and their TLC show "Jon & Kate Plus 8" was cancelled.
Cyndi Lauper -- In 1981, the singer was forced to declare bankruptcy after a record with her band Blue Angel flopped spectactularly. Three years later, though, she became an international superstar.
Courtney Love -- After discovering that members of her entourage had allegedly stolen $20 million of Kurt Cobain's money in the early 2000s, she began binging on drugs and was eventually evicted from her townhouse after setting it on fire.
Willie Nelson -- In 1990, the country legend's bank accounts and real estate holdings were seized when he owed the IRS a cool $16.7 million.
Terrell Owens -- By 2012, the mouthy wide reciever had blown through most of his entire $70 milliion fortune.
T Boz Watkins (right) -- The leader singer of TLC first filed for bankruptcy in 1995 due to a famously short-shifting record deal, then again in 2011.
Sheryl Swoopes -- The former WNBA star made around $50 million at the height of her career, but lost it all in bad investments and poor business management.
Sarah Ferguson -- Formerly married to Prince Andrew, "Fergie" had run up debts to the tune of $8 million by 2011. She was so broke, she was living in a room at her ex-husband's house.
Randy Quaid -- The Golden Globe winner lost $1 million in bonds after skipping out on a court date in 2010 and was then arrested with his wife for squatting in a random Santa Barbara, California, home. They're currently hiding out somewhere in Canada.
Pamela Anderson -- The "Bay Watch" star went broke in 2009 after owing $800,000 to the company who built her extravagent Malibu mansion and being hit with a $1.7 million tax bill.
Nicolas Cage -- In 2009, the Oscar winner skipped out on $6 million in taxes and was forced to put several properties on the market, narrowly escaping bankruptcy.
Mike Tyson -- He made more than $300 million a year as a world champion boxer, but had totally depleted his fortune by 2003.
Michael Vick -- The NFL star went bankrupt in prison in 2008 while serving time for a dog-fighting scandal.
Marion Jones -- Fans were crushed in 2007 when the sprinter admitted to taking steroids before the 2000 Summer Olympics. Stripped of her five medals, she was also down to a bank balance of just $2,000 at the time.
Lorraine Bracco -- Known for her role on "The Sopranos," she was forced to file bankruptcy in 1999 after a bitter custody battle and divorce from Harvey Keitel left her penniless.
Lindsay Lohan -- The IRS seized the former Disney star's bank accounts in 2012 after she skipped out on paying more than $900,000 in back taxes.
Kim Basinger -- She declared bankruptcy in 1993 after losing an $8 million lawsuit for backing out of the movie "Boxing Helena," selling the Georgia town she randomly "bought" for $20 million.
Joe Francis -- His "Girls Gone Wild" franchise declared bankruptcy in 2013 after owing more than $16 million in disputed claims.
Gary Busey -- With less than $50,000 in assets and up to $1 million in debts, the 67-year-old actor filed for Chapter 7 bankruptcy in 2012.
Donald Trump -- Believe it or not, Trump has filed for bankruptcy four times -- in 1991, 1992, 2004 and 2009.
Burt Reynolds -- An ugly divorce from Loni Anderson and a failed restaurant chain resulted in a Chapter 11 bankruptcy for this "Smokey and the Bandit" hunk in 1996.
Billy Joel -- He's penned dozens of hits, but the "Piano Man" has gone bankrupt three different times and lost about $90 million thanks to a brother-in-law who mismanaged his funds.
MC Hammer -- The infamous rapper filed for bankruptcy in 1996, reporting assets of just $1 million and debts totaling at least $10 million.
Toni Braxton -- She's sold more than 40 million albums, but has also filed for bankruptcy twice -- once in 1998 and then again in 2010.