10 Famous People Who Have Filed for Bankruptcy
Bankruptcy gets a bad rap. Some think that only “deadbeats” or “losers” file for bankruptcy because they are irresponsible or actively seek to avoid paying their debts.
The truth is that bad things happen to good people. Some people can work for years trying to pay back what they owe and never get control of their financial situation. Some just face bad circumstances, such as the loss of a job or a severe medical injury.
Many famous people have even filed for bankruptcy – celebrities who have achieved fame and fortune and who seemed to have been living the life that everyone else dreams of having. Yet through a series of bad decisions or bad circumstances, they found themselves in over their heads in debt.
Before he created The Happiest Place on Earth, Walt Disney started a studio called Laugh-O-Gram that was cheated by a distributor. He filed for bankruptcy in 1923. Five years later, he created his new character, Mickey Mouse.
This candy magnate started his own candy shop in Philadelphia that never managed to be successful, causing him to go under. When he moved back home to Lancaster, he opened the Lancaster Caramel Company, pioneering the use of fresh milk in caramel creations, and learned how sweet the taste of success can be.
The Bandit owned mansions, a helicopter, and luxury properties before he filed for bankruptcy. Career struggles combined with bad investments in two restaurant chains led to the accumulation of $11.2 million in debts, causing him to declare bankruptcy in 1996.
This rapper may have been “Too Legit to Quit,” but he had to file for bankruptcy in 1996 after racking up over $13 million in debts.
Divorce led to the financial struggles of this singer known for his sensual love ballads. He filed for bankruptcy in the 1970s after paying a divorce settlement to his wife of 14 years and struggling with back taxes. He came out on top in the 1980s with the release of the Grammy winning “Sexual Healing” and his induction into the Rock and Roll Hall of Fame.
Ford may be a household name now, but when this car tycoon first started his business, he wasn’t able to produce enough cars to make a profit. He filed for bankruptcy in 1901. A few months later, he reorganized his business and created the successful Ford Motor Company.
The Donald has experienced many business failures along the way to achieving his phenomenal success. He has filed for bankruptcy four times as a result of failed casino ventures, but he managed to reorganize the businesses and turn them into successes.
While he was making dreams come true for some lucky folks, this Publisher’s Clearinghouse spokesman was coming up short for his mortgage payment. He filed bankruptcy after falling behind $644,000 on his $4.8 million home loan.
The daughter of iconic singer Nat King Cole stumbled with career and personal failures, leading her to file for bankruptcy in 1997.
The former heavyweight boxing champion filed for bankruptcy in 2003. He blamed excessive spending, advice from bad financial advisors, and employees who embezzled money on his bankruptcy.
No matter what the circumstances are that lead to a bankruptcy, it can offer a chance to start over fresh!
If you are interested in learning about how bankruptcy might be able to help you get back on the road to success, as it has helped so many others, call the Law Offices of James Scott Farrin at 1-866-900-7078 for a free evaluation of your case.