Isaac Hayes
In 1976, Isaac Hayes, one of the most important artists of the '70s, filed for bankruptcy. He claimed that he owed nearly $6 million in taxes, and he was unable to pay them back. Hayes blamed his record label for mismanaging his finances, and he also lost a ton of money through personal lending schemes. Hayes found his way through the hardship though. He made more music, opened two restaurants, and wrote a best-selling cookbook before he died in 2008.