Which Famous People Used Bankruptcy To Make A Fresh Start?
Bankruptcy can affect anyone at any time in their life. It only takes illness, the loss of a job, or a scam artist and suddenly you are in debt up to your neck. There have been some famous modern day bankruptcy cases, however, our history is full of famous people who built fortune or fame after bankruptcy. In some cases, it was the filing for bankruptcy that enabled them to go on to greater things. Here’s a short list of some of the more famous bankruptcies.
Walt Disney – Walt had some brilliant ideas when it came to entertainment, however, his first venture was spoiled after being swindled by his distribution company. Walt filed for bankruptcy and started all over again, and built and empire.
Henry Ford – Henry Ford was meticulous in his car design, but not so with his first production company. It quickly went bust forcing him to seek help from the bankruptcy court. He went back to his drawing board and the rest, as they say, is history.
Abraham Lincoln - Honest Abe’s early years were tough and included filing for bankruptcy when a small business failed. He went on to become a lawyer and one of the more famous presidents.
Ulysses S. Grant – Grant earned favor as the first general under President Lincoln to deliver real results on the battlefield. After a successful military career in his early years, he left the military and met with constant business failures and bankruptcies. The Civil War opened many doors for Grant, including a stint as U.S. President.
Burt Reynolds – Poor Burt, he had to sell his then-famous mustache after filing for bankruptcy – actually, his mustache trademark. He never lost his fans and quickly rebuilt his wealth. This bankruptcy case eventually led to bankruptcy reform as it was shown that he, and many other wealthy people, could legally retain wealthy assets while having debts discharged. In Burt Reynolds’ case, it was a $2 million home that was untouched by bankruptcy.
Bankruptcy can affect anyone. Over the years, there have been four U.S. presidents, millions of business owners, states, and many counties that have filed for bankruptcy. Who knows? You could be the next Henry Ford, or Abe Lincoln.
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October 7th, 2011 at 12:02 pm
Don’t forget Cyndi Lauper. In 1981, after leaving the band Blue Angel, Cyndi Lauper filed for bankruptcy protection after being sued by her manager over a contract breach. Two years later she released, “Girl’s Just Want to Have Fun”, a song which reached Top 10 in over fifteen different countries and went Platinum in the United States once sales exceeded 2,000,000.