Famous People Who Have Filed for Bankruptcy
People are sometimes embarrassed at having financial difficulties and worry that filing for bankruptcy may make their situation worse. But the days of debtor's prison are long gone and a continent away! In fact, one of the reasons our country has such a climate of innovation and entrepreneurship is that the laws covered under the United States Bankruptcy Code give individuals and businesses the legal protection to take risk.
A few famous people have made dramatic fresh starts after filing for bankruptcy:
Milton Hershey, chocolate manufacturer and founder of Hershey Foods Corp., found success only after filing for bankruptcy for his first four candy companies.
Henry Ford filed for bankruptcy for the first car company he started. He didn't get things right until he started his third company, Ford Motor Company.
P.T. Barnum, American showman, emerged from his 1871 bankruptcy and went on to join forces with circus operator James A. Bailey to found Barnum and Bailey's Greatest Show on Earth.
Mathew Brady, famous civil war photographer, filed for bankruptcy in 1872. After the War Department then paid $25,000 for part of his collection, he was able to reopen his gallery and attract new clients.
Financial troubles can happen to anyone-even people with a lot of money. Following are some modern-day celebrities who sought relief under bankruptcy protection: actor Mickey Rooney (who filed due to a $1.75 million IRS debt), musician Jerry Lee Lewis (who had huge tax liabilities), actress Debbie Reynolds (who filed for herself and the hotel and casino she owned), quarterback member of the Football Hall of Fame Johnny Unitas (after failing at several business ventures), actor Burt Reynolds (due to over $10 million in IRS debt after his much publicized divorce from actress Loni Anderson), and actress Kim Bassinger (who filed for bankruptcy after reneging on a movie contract).
Filing for bankruptcy can provide you with the fresh start that is necessary to move forward with your life.
Contact The Bankruptcy Center of John D. Raymond at 415.992.7196.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
