Stephen Baldwin filed for bankruptcy on Tuesday (21Jul09), after landing in more than $2.3 million (£1.4 million) worth of debt, according to a U.S. report.
The Usual Suspects actor, who appeared on U.S. TV show I'm A Celebrity... Get Me Out Of Here! earlier this year (09) filed for Chapter 11 protection claiming he is millions in debt - and he only owns a property worth $1.1million (£669,334).
Reports last month (Jun09) claimed the star's New York house was going to be auctioned off after he was unable to keep up with the large mortgage payments.
Baldwin slammed the claims, insisting that he was simply "renegotiating" his mortgage and branded the media rumours a "smear deal" against his good name.
The star owes around $1.2 million (£730,194) on two mortgages on the property and more than $1 million (£608,495) in taxes, as well as mounting credit card debt, according to the legal documents that were filed in New York.
Baldwin's lawyer has made no comment.