Do only broke or penniless people file bankruptcy? Not at all. If you decide to file bankruptcy, you will be among many of the rich and even famous that have also faces financial difficulty. Here are a few names of people who filed for bankruptcy that you may recognize. Many of them made the most of their fresh start and went on to make millions after they filed bankruptcy.
Larry King- Popular talk-show host Larry King filed for bankruptcy in 1978, but able to retire with an estimated wealth of about $50 million.
Donald Trump – After filing bankruptcy four times, the Trump name and brand is known throughout the world and Donald remains one of the richest men alive.
Francis Ford Coppola -The legend behind the “Godfather” trilogy filed for bankruptcy twice in three years.
Walt Disney- After filing bankruptcy, Disney went on to create Mickey Mouse, Walt Disney World, and Disneyland.
Henry Ford- After filing bankruptcy twice, Henry Ford went on to create Ford Motor Company.
Thomas Jefferson – 3rd US President, filed several times, including after leaving office due to large debt.
Abraham Lincoln – 16th US President, filed several times, due to business failures.
Ulysses S. Grant – 18th US President – filed in 1884 after leaving office.
Other Celebraties: Chaka Kahn, Ted Nugent, John Wayne, Tom Petty, Anna Nicole Smith, Cindy Lauper, Latoya Jackson, Toni Braxton, Meatloaf, David Crosby (of Crosby Stills and Nash), Mick Fleetwood (of Fleetwood Mac), Dorothy Hamill, Marvin Gaye, M. C. Hammer, Merle Haggard, Wayne Newton, Burt Reynolds, Mickey Rooney, Jerry Lewis, Gary Coleman, Redd Foxx, Mike Tyson…
There are many, many more. Bankruptcy was just a business decision for them. They had more money going out than they had coming in. Sounds familiar, doesn’t it?