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Bankruptcy Law Blog

Monday, April 17, 2017

Five Famous People Who Found Success After Bankruptcy

Will bankruptcy help me to meet my financial goals?

If you are considering filing for bankruptcy, you are in good company.  Over 500,000 people file for Chapter 7 bankruptcy each year, while around 300,000 will file for Chapter 13 bankruptcy annually.  Not only is filing for bankruptcy quite common, but it has also allowed several now famous individuals to find financial and personal success.  The following is a look at some bankruptcy success stories.  To join the list of those individuals who have used bankruptcy to meet their financial goals, contact the Mobile, Alabama personal bankruptcy lawyers at Padgett and Robertson.

Famous Bankruptcy Filers

You may be surprised to know that the five famous individuals below once filed for bankruptcy:

  1. Walt Disney:  Walt Disney is now revered as one of the greatest success stories of all time, but Disney was once a broke and struggling artist.  He was forced to declare bankruptcy when one of his first companies failed.  Soon after, he created Mickey Mouse, and the rest is history.
  2. Abraham Lincoln:  Lincoln, whose name now appears on the penny, was once in fact penniless.  Lincoln owned a general store in the early 1800’s which did not fare well.  Burdened by debts, Lincoln, who was without the protections of modern bankruptcy law, was forced to turn over his last two remaining assets—his horse and surveying gear.  He went on to be one of the greatest presidents of all time.
  3. Henry Ford:  Before creating the widely successful Ford Motor Company, Henry Ford started another automobile company that floundered.  It went bankrupt, but Ford quickly moved on to his profitable next venture.
  4. Burt Reynolds:  One of Hollywood’s biggest stars, Burt Reynolds mounted millions in debts due to lavish spending.  He declared bankruptcy and still managed to keep his mansion in Florida.
  5. P.T. Barnum:  Starting out, Barnum was known to borrow cash from anyone willing.  This eventually resulted in massive debts.  By the time he declared bankruptcy, Barnum owed his creditors half a million.  He did not let this discourage him; rather, he moved on from bankruptcy and soon amassed his eventual tremendous wealth.  

As these five success stories illustrate, bankruptcy can offer the start of a brand new, bright financial future.  Contact our bankruptcy attorneys at Padgett and Robertson today to schedule your consultation.   

 


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Padgett and Robertson assist clients with Bankruptcy, Personal Bankruptcy, Consumer Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy and The New Bankruptcy Law in Mobile, Alabama and throughout southern Alabama. Alabama State Bar Association Regulations require the following: "No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers." 11 U.S.C. 528 of the U.S. Bankruptcy Code requires the following: "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”



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