May 12, 1981: Meatloaf file for bankrupcy


On this day in '81 Meatloaf filed or bankruptcy. He owed over $1 million in debt.
After the success of Bat Out Of Hell, Meatloaf headed to England to record Bad Attitude. The album was released in 1984 was an attempt to keep Meat Loaf from going bankrupt during the period of lawsuits. 
It had very minor global success with the most successful single being Modern Girl. 

source: data archive