Another Actor Goes Bankrupt

Stephen Baldwin, who starred in "Bio-Dome" and "The Usual Suspects," just filed for Chapter 11 bankruptcy protection in New York. According to The Associated Press, he and his wife Kennya owe over $2 million: $1.2 million for the two mortgages on his house, $70,000 in credit card debt, and $1 million in taxes.

TMZ.com reports that Baldwin's house is scheduled to be auctioned off, but the event has been postponed to a later date.

The couple paid $515,000 for their home, including 1.4 acres of land, and the property is now valued at $1.1 million. However, ABC News writes that they were unable to sell it when they attempted to in 2006.

The recent recession has affected other celebrities that were doing just fine a few years ago, including Lenny Dykstra, Victoria Gotti, and Annie Leibovitz. Many have had to sell their homes or declare bankruptcy like the Baldwins.

Like other fading stars, Stephen Baldwin has had to make appearances on reality shows such as "The Celebrity Apprentice" and "I'm a Celebrity… Get Me Out of Here!"