How can someone be in such debt?

[serryjw]

quote.........
Despite Sanger's denial, Auchincloss called Jackson "a spend-a-holic" who has "an insatiable appetite for money." From 1999 to 2001, he said, Jackson was spending $35 million a year while earning only $11 million to $12 million.

"He is in debt to the tune of $300 million and has liabilities close to $400 million," the prosecutor said.
end quote........

If you make $10 Million a year and spend $35 million it won't take long before you are in serious trouble....What is the difference B/T debt and liabilities?

http://www.cbsnews.com/stories/2005/03/12/entertainment/main679742.shtml

[alarimer]

1. I hope he files for bankruptcy

Before the new law takes effect!!

[Warpy]

2. The formerly rich

will still have their assets fully protected under the new bankruptcy law.

This is a war against ordinary people, and ordinary people lost once again.

As to his debt, I'm not surprised. Consider the number of bodyguards, amusement park workers, lawyers, publicists, and the rest of his usual entourage. It's really easy for rich celebs to get into trouble. Throw in a few bizarre obsessions and sprinkle with paranoia, and you'll find a $300 million debt rather easy to rack up.

[serryjw]

3. Heck they may take away his home?

Jackson is going to have a tough time repaying this even is he is acquitted, his music is not selling that well.

[hawk_to_win]

4. Debt & Liabilities

Debt is money you owe right now and liabilities include both regular debt as well as money you will owe in the future.