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Bankruptcy – The End, or a New Beginning? Famous People who have filed bankruptcy.

3/23/2012

36 Comments

 
Even as we hear stories about how the economy is improving, more and more people are still falling behind on mortgage payments, car payments, and credit payments as well as other types of debt. The economic problems facing the country left in their wake a huge backlog of problems, and many people have no reasonable hope of ever digging their way out. Many of these same people are becoming stressed out and depressed, perhaps even causing or contributing to health problems all of which just make the problems worse.

Many of these people are wondering about bankruptcy. Would filing bankruptcy help them get the fresh start they need? Or would it ruin them forever? Have you been thinking that if you must file bankruptcy it brands you as a failure and terminates your financial future?

Bankruptcy is not the kiss of death. The pressure placed upon us by our debts saps us of energy and motivation that could be better spent on our family or our passions. In fact, many famous people have filed for bankruptcy and gone on to be financially successful.

Would you be surprised to know that Donald Trump, Henry Ford and Walt Disney all filed for bankruptcy? Comic book pioneer Stan Lee filed bankruptcy as did the founders of both Hershey’s Chocolate and of of Heinz Ketchup, H.J. Heinz.

Here’s a few more:

Entertainers Jerry Lee Lewis, Chaka Khan, Marvin Gaye and Andy Gibb, Larry King, Kim Basinger, Mickey Rooney, Burt Reynolds, Gary Coleman, Lynn Redgrave, Margot Kidman, Willie Nelson, Tammy Wynette, Merle Haggard, George Jones, Johnny Paycheck, Tom Petty, David Cross, Toni Braxton, Meat Loaf, M C Hammer and Ted Nugent.

Authors Samuel Clemens, (Mark Twain), Frank Baum (the creator of the Wizard of Oz), Oscar Wilde, Susan Powter and Kate O’Brien.

Several athletes including Mike Tyson, Leon Spinks and Joe Lewis, football player Johnny Unitas, tennis player Bjorn Borg and Olympic gold medalist Dorothy Hamill.

Many American politicians also make the list including our 18th president, Ulysses S. Grant, and our 25th president, William McKinley. Former Vice President Levi Morton and presidential nominee George McGovern filed. John Connally, the Texas governor wounded during the assassination of John F. Kennedy in 1963, went bankrupt as well.

As we now know, these people went on to become some of the most financially successful individuals in history. When you realize the businesspeople, entertainers, athletes, and politicians who have filed bankruptcy only to become our country’s leaders, the importance of bankruptcy protection becomes clear. It is not The End, but a new beginning.

36 Comments
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5/30/2013 05:50:17 pm

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10/15/2012 03:33:02 am

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6/28/2013 12:52:21 am

Actually bankruptcy is a bad experience but many people especially famous people who have just got out of the bankruptcy problem. The thing which everyone needs to maintain is budget. You are saying exactly true that “Bankruptcy is not the kiss of death.”

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6/28/2013 07:05:41 pm

It is really very painful for anyone to become bankrupt. Nobody wants to become bankrupt, but due to some careless behavior towards their financial matter they become bankrupt. I really advise them to manage their budget smartly.

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7/1/2013 12:13:17 am

Smart people never think that bankruptcy is the end of your financial career. It is not true, I have many people who were bankrupt but they made efforts and again have become good credit score holder. A good financial advisory is needed at the time of bankruptcy.

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7/1/2013 11:48:22 pm

Bankruptcy is really a serious matter for an individual. It can really destroy your financial background, but it doesn’t mean that you can never get out of the bankruptcy. Anyone can do it easily with strong will power and with good financial planning.

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7/2/2013 10:38:24 pm

Nobody wants to become bankrupt, but sometimes careless behavior or over borrowing, over spending behavior can put you in bankrupt situation. If an individual manages his monthly financial budget smartly then he wont face this problem in his life.

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7/4/2013 03:43:09 pm

There are so many celebrities who have already faced these bankruptcy problems. If in case someone faces bankruptcy problem, hw should not give up, he must fight, they should understand that Bankruptcy is not The End, but a new beginning.

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7/5/2013 01:01:28 am

Bankruptcy is really not a good thing but people should not depress and get down their moral, they should try to grow again. Bankruptcy is the end, actually many people start again their life after bankruptcy.

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7/5/2013 03:44:15 pm

I agree that Bankruptcy is not the kiss of death. Debt is really a common problem for many borrowers. Generally it happens with borrowers due to over borrowing. People should always avoid over borrowing, they should borrow the amount of money which they can afford to repay.

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7/8/2013 12:36:04 am

Debt can be a gift for any individual; and it is really a serious matter for an individual. Bankruptcy can destroy your credit score but it doesn’t mean that you can never get out of the bankruptcy problem in your entire life. You can do it easily with strong will power and with good financial planning.

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7/8/2013 11:47:44 pm

I agree that bankruptcy is a bad experience for an individual, but if you have faced it already then you should not be scared. You should try to grow again financially. Bankruptcy is the end, actually many people start again their life after bankruptcy.

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7/9/2013 11:01:14 pm

I think that Bankruptcy is not the end; even in case someone is facing bankruptcy then he should think about a new start which must be a right way. It is really a difficult task for a person to handle the situation of bankruptcy, but it is not impossible, many celebrities have done it already.

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7/12/2013 03:09:25 pm

Many big celebrities faced this bankruptcy in their career like Mike Tyson, Leon Spinks and Joe Lewis. People should learn managing their financial budget according to their needs. They should understand that over expenses, over borrowing create many problems.

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7/15/2013 12:40:04 am

People should assume that bankruptcy is a dead end. They should always remember that every dark cloud has a silver lining; people should not get down their moral. Many celebrities improved from their bankruptcy.

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7/16/2013 10:33:36 pm

I know bankruptcy is really so painful and shameful. I can understand the mental situation of the people who is facing this problem. I also think that filling bankruptcy would be a great way for bankrupt people to get the fresh start.

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The pressure placed upon us by our debts saps us of energy and motivation that could be better spent on our family or our passions.

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10/30/2013 03:32:20 pm

Have you been thinking that if you must file bankruptcy it brands you as a failure and terminates your financial future?

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Bankruptcy is not the kiss of death. The force placed upon us by our liabilities saps us of power and motivation that could be better consumed on our family or our passions. In detail, many well known persons have filed for bankruptcy and gone on to be financially successful.

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    John Wallpe has been admitted to practice law in both Oregon and California. Mr. Wallpe's practice includes general civil litigation, consumer law, real estate law and bankruptcy..

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