This doesn't mean Joe Francis won't stop peddling what many view as 'smut', however.

Francis, the founder of the controversial Girls Gone Wild franchise, has put his brands into bankruptcy to avoid paying a debt to the Wynn's Resort in Las Vegas from collecting on a gambling debt and following legal judgement.

Steve Wynn's Vegas establishment has reportedly been hunting Francis for the last five years, accusing the soft-porn video king of skipping out on paying a $2 million dollar gambling debt.   The resort also won a legal judgement for another $7.5 million against Francis for defaming Wynn's by claiming they "deceive" their customers.

According to information from the Wall St. Journal, Francis does business under a host of different corporate names, doesn't take any personal income or salary, but allegedly uses profits from the Girls Gone Wild franchises to support a lavish lifestyle:

“Francis has effectively evaded meaningful collection by making it appear that he has virtually no income or assets, despite his publicly lavish lifestyle,” Wynn attorneys said in the lawsuit. “Wynn has confirmed what it has long suspected, namely that Francis has avoided Wynn’s collection efforts by, among other things, not taking any income and using accounts held by various entities that do business under his ‘Girls Gone Wild’ brand to pay all his personal expenses.”

According to attorneys for the resort,  Francis has skipped a number of lawsuit related appointments.    What effect this bankruptcy will have on Francis' continued filming of young intoxicated women in various compromising social situations and then selling the videos remains to be seen.