Russell Armstrong filed for Chapter 7 bankruptcy back in October of '05, this according to docs filed in U.S. Bankruptcy Court and obtained. The problem was simple ... Armstrong, an investor, said he had less than $50,000 in assets and debt somewhere between 1 and 10 million bucks.
Russell, who has been married to Taylor for seven years, says in the docs he made a boatload during the 1990's "dot.com boom" but took a huge financial hit when everything crashed. And it went from bad to worse after 9/11, with an IRS dispute and a "costly" palimony lawsuit filed by a former fianceé
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