According to Humor mill Magazine Katt's in a little trouble:

In the long list of controversies surrounding Katt Williams, it looks like this following news might be a serious set back; we just discovered from several sources that comedian and actor Williams has filed for bankruptcy.

This is just some of the latest news that has developed from his camp. In the last 12 months Katt has made the news several times.

On Wednesday, November 5, 2008, he failed to appear as a scheduled guest on NBC's Late Night with Conan O'Brien. This was the first time this had happened on the show since its debut in 1993.

During the early morning of Thursday, November 6, 2008, Williams was arrested on weapons charges in midtown Manhattan after police say they pulled him over for driving a car without license plates. He was released on bail later that day in time for his show at Carnegie Hall.

The following day, at Williams' appearance at the Trump Taj Mahal in Atlantic City, New Jersey on Nov. 7, Katt announced that he would make his final stand up performance on December 31, 2008, citing wear and tear on the road, the need to keep his family together, and a desire to help young up-and-coming comedy acts get their start.

On December 31, 2008, while performing at a New Year's Eve show in Detroit, Katt Williams began to insult Steve Harvey (The Original Kings of Comedy) for calling himself an original king of comedy. Katt stated that Richard Pryor and Bill Cosby are the only original kings of comedy. He went on to say, "How can you be the original if you were not the first?"

Over the New Year weekend, Katt was slapped by a man at a club in Detroit while attempting to perform a freestyle. Katt claimed the altercation was over some jewels he was wearing.

Over the past several years, Katt Williams has been involved in several tours that have grossed over $50 million dollars and several months ago Katt turned down an offer from Comedy Central for over $50 million, not to mention his official retirement from doing stand up over the Christmas holidays.