Throughout History, successful people have had to file for bankruptcy to get back on the road to success. The following is a short list of current and past Famous Successful Americans who have had to file for bankruptcy:
- Walt Disney: He went through some very serious financial difficulties in his early years because financial backers in his first company withdrew their financial backing. This left Walt with considerable debts and no way to pay them off. He filed for bankruptcy protection. He went on to create one of the largest entertainment companies in the world.
- Burt Reynolds: He got into debt after his 1996 divorce. He owed $10,000,000.00 and his only way out was to file for bankruptcy.
- Donald Trump: As shocking as it may seem, the Donald has filed for bankruptcy. In 1990 he filed for bankruptcy protection because he was $900,000,000.00 in debt.
- Larry King: In 1978 he was $352,000.00 in debt and had to file for bankruptcy as he had no other way out.
- Abraham Lincoln: He declared bankruptcy in 1833 after his law practice failed. As you know he went on to become the 16th President of the United States.
- Francis Ford Coppola: He filed for bankruptcy in 1982 after one of his entertainment projects lost money. His only way out was to file for bankruptcy.
- Toni Braxton: She filed for bankruptcy in 1998. Despite the fact that she had sold millions of records she was unable to get out from under her debts without the assistance of bankruptcy.
The above list of famous successful people who have filed for bankruptcy and gone on to do great things should serve as a reminder that filing bankruptcy is not the end of the world. It is the beginning of a new financial future, one that should be better than the one you had before you filed for bankruptcy.