Thomas Kincade Files For Bankruptcy

12.03.10 | Sarah Harnisch

 Thomas Kincade-- the Painter of Light-- has filed for bankruptcy. In June, he made the filings-- but new court documents show he owes and estimated 10 million dollars to creditors. The problems began eight years ago. 27 lawsuits were filed from gallery owners who said he oversaturated the market and overpriced his art, and they couldn't sell his work. All but one of those have been resolved out of court. Negative headlines haven't slowed his commercial success, though. His art is in 25 million homes across America.