Kevin Spacey’s Fall from Grace: Foreclosure Looms

Kevin Spacey. Where do I begin? I still remember when I first noticed him. It was “The Usual Suspects,” where he played Roger “Verbal” Kint, who blamed the mysterious Keyser Söze behind a massacre and ship fire that killed twenty-seven people. But, it seems those days are long gone as Spacey is facing foreclosure. The only question is if he is filing bankruptcy, whether Chapter 7 or Chapter 11.

Actor Kevin Spacey speaks to the media outside Southwark Crown Court, London, after he was found not guilty of sexually assaulting four men following a trial. Picture date: Wednesday July 26, 2023. (Photo by Lucy North/PA Images via Getty Images).

Spacey, who somehow got away untouched, was being interrogated by Agent Dave Kujan, played by Chazz Palminteri. Having nothing on him, Palminteri lets Spacey go.

As the movie ends, Spacey who is disabled with a noticeable limp, starts walking down the sidewalk. With every passing step, his limp improves until it disappears. That’s the WTF moment.

Then, Palminteri starts to replay the interrogation in his mind, and he realizes all of Spacey’s convoluted responses were based on random items in his office. All along, it’s been a scam! That’s the “no way” moment. Just brilliant writing and acting.

Now, put that in perspective. That was almost thirty years ago. At the time, I was working on my graduate degree at Florida International University, and yet, here I am, and I still remember how perfectly Spacey played that role.

Hell, I knew a bunch of guys in college yelling out Keyser Söze for no apparent reason, and I’m sure at some point in my college days, I was hanging out at So Be (South Beach) and introduced myself as Keyser Söze.

So, for the blog’s readers to get to know me better, I tend to joke around a lot and be a clown.

As for Spacey’s career:

• Two Academy Awards;
• A BAFTA Award;
• A Golden Globe Award;
• A Tony Award;
• Two Laurence Olivier Awards and
• 12 Emmy nominations!

So when I started streaming Netflix because of “Tiger King” during the COVID-19 pandemic, like everyone else, I had to watch House of Cards,” where Spacey played Frank Underwood.

“House of Cards” resulted in a Golden Globe Award, two consecutive Screen Actors Guild Awards for Best Actor, and five Primetime Emmy Awards for Outstanding Lead Actor in a Drama Series.

That closing scene- wait, let’s go back to the first minute of the first episode as Spacey is talking to the camera. That scene would hook anyone! But I can’t forget that closing scene when Spacey, with that devilish smile, puts on his cuff links with the initials “FU.” No actor can accomplish more in one scene by just putting on a set of cufflinks.

Any actor with ¼ of Spacey’s awards and success would arguably be one of Hollywood’s best actors. But, as I rattled off his accomplishments, Spacey faces bankruptcy. With fact always stranger than fiction, he has created his own house of cards.

Spacey faced a slew of accusations of sexual harassment against younger men, even underage boys, but the civil lawsuits were either dismissed, or he was found not liable. One of his alleged victims was ordered to pay him attorney’s fees.

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In the UK, Spacy faced criminal charges from three victims. He voluntarily appeared for trial rather than be extradited, three charges were dismissed, and a jury found him not guilty of the remaining nine charges. A documentary titled “Spacey Unmasked” was released in the UK.

However, he was sued by the studio that produced House of Cards and, in arbitration, was ordered to pay $30 million for violating their sexual harassment clause. His appeal was denied.

Where is Kevin Spacey Now?

That is a good question. In a recent interview with Piers Morgan, teary-eyed, Spacey said his Baltimore home is in foreclosure. He will be returning to Baltimore to get his personal belongings and put them in storage.

What is Kevin Spacey’s Net Worth

Spacey’s response to Morgan seems to be that his net worth is either zero or negative. The civil lawsuit and criminal cases cost Spacey millions of dollars in attorney fees. And then there is 30 million owed to his prior studio that produced House of Cards. So, the question is, what is next for Spacey?

Is Kevin Going to File for Bankruptcy?

If Spacey doesn’t have a source of income, he can’t afford to pay back any creditors with a Chapter 11 bankruptcy. Chapter 13 bankruptcy would apply if his debt is below $2,750,000. To be honest, I have no idea why bankruptcy has not been filed at this point.

Chapters 11 and 13 are similar in that they are considered a reorganization of debt with payment plans to repay creditors. Chapter 13 bankruptcy is also referred to as a wage earner plan. Because of the debt amount, Spacey would likely qualify for Chapter 11 bankruptcy.

Can Chapter 7 Bankruptcy Be Filed?

Without income and a way to contribute towards the bankruptcy plan, Spacey’s only option might be to file for Chapter 7 bankruptcy. However,  Chapter 7 bankruptcy will not save his home from foreclosure. Any assets that are nonexempt or not protected by state law will be liquidated or sold to pay off Spacey’s creditors. This would include any attorney fees.

If there are any updates to this story, I will make sure to provide an updated blog post.

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Please note that the information on this site does not constitute legal advice and should be considered for informational purposes only.