Seven Famous People Who Went Bankrupt

Filing for bankruptcy is an extremely difficult decision and, for many people, a last resort. Many of our clients tell us they feel they won’t be able to bounce back after bankruptcy. That’s just not true. With good planning and resolve, you will be back on the road to fiscal fitness in no time.

If you don’t believe us, take it from these famous people listed below. At one time, they all filed for personal bankruptcy, and made their way back to financial recovery and into the history books.

1. Abraham Lincoln. Our nation’s future president and the face of the penny, Abraham Lincoln filed for bankruptcy after owing many debts on a store he owned. Creditors seized his horse and some surveying equipment, but he continued paying his debts well into the 1840s.
2. Henry Ford. We all know Henry Ford as the founder of the Ford Motor Company and the introducer of the Model T automobile. However, before the Ford Motor Company’s success, Ford’s Detroit Automobile Company went bankrupt in 1901.
3. Walt Disney. It’s hard to believe the name behind one of the world’s biggest brands could have ever gone bankrupt, but it’s true. Disney’s very first studio, Laugh-O-Gram, went bankrupt in 1923. Just five years later, Disney debuted his character Mickey Mouse.
4. Milton Hershey. The chocolate giant was once just a struggling candy shop owner in Philadelphia. His shop went under in 1882, as did a follow-up attempt in New York City. Returning home to Lancaster, he opened the Lancaster Caramel Company, which became the stepping-stone to an empire.
5. Burt Reynolds. Arguably one of the biggest stars of the 1970s, Burt Reynolds spent his money like he would never stop earning it. However, as roles dried up and a divorce from Loni Anderson cost him a pretty penny, he filed for bankruptcy. He emerged from bankruptcy in 1998.
6. H.J. Heinz. The man of “57 varieties” fame started out with a horseradish company that went bankrupt in 1857. Undaunted, in 1858, Heinz and his brother got together and started a company producing ketchup. The rest is history.
7. P.T. Barnum.  The famous showman made it a habit of borrowing money from anyone who would give it to him and investing in real estate, investments which rarely panned out. He went bankrupt in 1855. In 1871, he entered the circus business and made $400,000 in his first year.

Harold Shepley & Associates is a full service debt relief law firm and can answer any questions you may have about bankruptcy. Contact us today for a free consultation.

By Harold Shepley | Published May 7, 2012 | Posted in Bankruptcy | Tagged bankruptcy attorney, famous people, filing for bankruptcy, financial recovery, personal bankruptcy | Leave a comment