Filan is just the latest celebrity to go bust due to property debts.
Many footballers, in particular, have been caught out as new developments have been left empty due to the slump in house prices.
Jason Euell, 33, who earned £6million over his career, which started at Wimbledon, but suffered from the collapse of a property investment and was declared bankrupt.
Others invested their money in films, largely because of the tax breaks, but these high-risk punts have failed to pay off.
Former England player and Aston Villa favourite Lee Hendrie was declared bankrupt in January after film and property investments failed.
The 34-year-old, who earned £24,000 a week at the peak of his career,  owed HM Revenue & Customs £200,000 in unpaid tax.
He had unsuccessfully tried to sell his £1.7million home in Solihull but officials discovered in any case that the mortgage exceeded the property's value.
Grant Bovey, husband of TV presenter Anthea Turner and failed buy-to-let investor, was discharged from bankruptcy last year - just a year after his property company collapsed with debts of £50m.
The 50-year-old entrepreneur managed to hold on to some of his lavish lifestyle, staying in a pretty cottage in Hascombe, Surrey, owned by his wife and the couple managed to keep their £4m French ski chalet.
Other high profile bankruptcies have included former Atomic Kitten singer and reality TV star Kerry Katona and TV presenter Miquita Oliver, aged 27, who faced a £170,000 unpaid tax bill.
Katona finally cleared her debts at the end of last year after being declared bankrupt in 2008 - it normally only takes one year to be discharged but she had failed to comply with the order.

Abandoned: The property crash has resulted in more than 1,600 ghost estates across Ireland, including the Glenall development in Borris-in-Ossory, Co. Laois