May 12, 1983

May12On this day in 1983, Meat Loaf filed for bankruptcy.

The 1977 album Bat out of Hell sold more than 34 million copies and made Meat Loaf a multi-platinum star. But a quarrel took place between Meat Loaf and writing partner Jim Steinman, with the writer voicing his frustration over his lack of credit on Bat out of Hell’s success.

In 1980, Steinman and Meatloaf split, and Steinman went his own way. Meat Loaf started a heavy drug habit and his second album, Dead Ringer released in 1981, was a personal and public failure. Further adding to his problems, he was now facing lawsuits, including one filed by Steinman.

Poor money management and drug addiction left Meat Loaf filing for bankruptcy.

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