Actor Stephen Baldwin is bankrupt

Due to the  economic down fall, filing for bankruptcy is not a big deal in USA.  Still you will be surprised to know that Actor Stephen Baldwin, brother of Emmy winner and "30 Rock" star Alec Baldwin is also among them. He filed for bankruptcy in New York on Tuesday. According to a court document he is millions in debt. . His wife, Kennya Baldwin, also is named in the document.

The 43-year-old actor filed for Chapter 11 protection claiming he owes more than $2.3 million and owns a New York property valued at only $1.1 million. He also owes about $1.2 million on two mortgages on the New York property and more than $1 million in taxes. Even he has credit card debt. Now apart from bankruptcy the big question lies in the fact that Baldwin owns a house worth $1.1 million. What's wrong with the lending industry in this country? How did Stephen Baldwin actually get a loan for a million dollar house? Check out the pictures of Stephen Baldwin and his daughter at a movie theater in LA. His daughter is really sweet.