Former England footballer David James declared bankrupt

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David James, the former England keeper, has declared himself bankrupt. He made an estimated £20 million during his career, playing for clubs ranging from Liverpool and Manchester City to Aston Villa, West Ham and Portsmouth. He has also worked as a model and is a pundit for BT Sport.

So how has he managed to run out of cash?

James made good money from a football career that spanned 25 years and saw him capped 53 times for England. It's thought his income over this quarter of a century would have been around £20 million. According to the Daily Mail, he built up a portfolio of seven properties with his wife Tanya, and in 2005 his assets were estimated at around £6 million.

The Sun says that his financial problems started that year, when he and Tanya were divorced. They said that the split from the mother of his four children cost him £3 million, plus a share of his earnings.

At that stage he still had significant assets. However, he isn't the first person to struggle after a divorce, when one parent has to balance setting up a new household with paying a significant portion of their income to an ex-partner and to support their children.

He is also adjusting to a lower income. He has lost the mega-earnings of his footballing years, and although he works consistently, he donates the fee from his Observer column to charity and volunteers as a coach for Luton Town in order to build up his coaching experience.

Last week the situation got so serious that he filed a petition for bankruptcy. He did not comment on the story.

Divorce

It's not uncommon for divorce to precipitate financial problems. Gossip Girl actress Kelly Rutherford filed for bankruptcy after her divorce last June. She was said to have spent $1.5 million on the divorce and custody battle.

Sopranos actress Lorraine Bracco (who played Dr Melfi) filed for bankruptcy in 1999. She had spent five years fighting a custody battle with her ex, Harvey Keitel.

Burt Reynolds filed for bankruptcy in 1996 after his divorce from actress Loni Anderson in 1993 - as well as some failed investments.

Work

James is also far from the first celebrity to end up with financial problems after a change in their working situation.

Anthony Costa said he immediately ran into money problems after the boyband Blue split up. He says he went from earning £250,000 a month to £45 a week, and did not know how to cope with the sudden change in his fortunes. He was eventually forced to move back in with his parents and said he was almost bankrupt - but his fortunes have turned around since the bank got back together.

Back in January last year Love Actually actress Martine McCutcheon declared herself bankrupt. It emerged that she had been battling ME and was unable to work, and while she was unwell she ran up £187,000 of debt. At the beginning of this year she said she was well and ready to work again.

Singer Toni Braxton also went bankrupt as a result of illness. She had already gone bankrupt earlier in her career because of a stingy recording contract, but the second time was after Lupus forced her to pull out of a show and had to cover the costs.

The famous faces of bankruptcy

The famous faces of bankruptcy