Stephen Baldwin's Got the Bankruptcy Blahs

Tue., Jul. 21, 2009 5:51 PM PDT by Natalie Finn

John M. Heller/Getty Images

Well, Stephen Baldwin's lack of fundraising prowess on Celebrity Apprentice is starting to make sense.

Less than a month after they came thisclose to losing their house, the Baldwin bro and his wife, Kennya, have filed for Chapter 11, the Wall Street Journal's Bankruptcy Beat blog reported Tuesday.

Taxes, two mortgages and the great American equalizer—credit card debt—are the culprits, according to the petition filed in U.S. Bankruptcy Court in New York.

Apparently the Baldwins' Upper Grandview home is worth $1.1 million, but they owe the bank $1.19 million and have outstanding debts of $890,000 to the IRS, $194,527 in unpaid state income tax and more than $70,000 to the credit card companies.

Their foreclosed-upon home was scheduled to be auctioned off Wednesday, according to the Lower Hudson Journal, which reported earlier this month that Baldwin was granted a 30-day postponement while he explored ways to make good on his defaulted mortgage.

A rep for Baldwin has not yet commented, so it's unclear whether his 1.4-acre residence is still up for grabs, courtesy of the Rockland County Courthouse.

"Stephen is presently going through a legal situation regarding his mortgage and that situation is still in process. No auction will be happening and all things related to this matter are being handled by his legal representation," rep Brad Taylor told People on June 15.

The auction was then scheduled for June 24.

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Things are going better for Stephen's brother, Alec, who's included in our 2009 Emmys: Notable Nominees gallery.