Famous People Who Have Filed Bankruptcy

As the economy continues to struggle, more and more people are falling behind on mortgage payments, car payments, and credit payments as well as other types of debt. And many of these same people are becoming stressed out and depressed. How are they ever going to get out from under all of the past-due bills.

Many of these people are wondering about bankruptcy. Would filing bankruptcy help them get the fresh start they need? Or would it ruin them forever?

Bankruptcy is not the kiss of death that many people think. In fact, many famous people have filed for bankruptcy and gone on to be financially successful. Let’s look at a few of them:

Entertainers

The list of famous entertainers who have filed for bankruptcy is long and surprising. It includes singers and actors alike. One of the most infamous cases on the list is that of country singer Willie Nelson. Several other country music stars join him there, including Tammy Wynette, Merle Haggard, George Jones and Johnny Paycheck.

Rock singers are no less vulnerable to financial woes. Famous rockers that have filed for bankruptcy include Tom Petty, David Cross, Toni Braxton, Elton John, Meat Loaf, M C Hammer and Ted Nugent. Other names you can add are Jerry Lee Lewis, Chaka Khan, Marvin Gaye and Andy Gibb.

Several well known Hollywood celebrities have also chosen to take advantage of bankruptcy protection including talk show host Larry King. Actors that have needed a fresh financial start include Kim Basinger, Mickey Rooney, Burt Reynolds, Gary Coleman, Lynn Redgrave, Margot Kidman and Lorraine Bracco.

Politicians

Many American politicians have filed for bankruptcy also including our 18th president, Ulysses S. Grant, and our 25th president, William McKinley.

Former Vice President Levi Morton and presidential nominee George McGovern are other famous politicians who have filed. John Connally, the Texas governor wounded during the assassination of John F. Kennedy in 1963, went bankrupt at one time as well.

When you read the names of presidents and governors who have filed bankruptcy and then become illustrious American leaders, it brings home the fact that bankruptcy is a new beginning in your life, not the end of it.

Athletes

Several athletes must be included on this list of famous bankruptcy filers. Boxers Mike Tyson, Leon Spinks and Joe Lewis all asked the courts for bankruptcy protection, as did football player Johnny Unitas. Professional tennis player Bjorn Borg and Olympic gold medalist Dorothy Hamill each filed bankruptcy as well.

Authors

Samuel Clemens, better known as Mark Twain, is just one of the famous authors on this list. Others include the creator of the Wizard of Oz, Frank Baum, Oscar Wilde, Susan Powter and Kate O’Brien.

Businessmen

This list includes such famous names as Donald Trump, Henry Ford and Walt Disney. Comic book pioneer Stan Lee chose to file bankruptcy as did the founder of Hershey’s Chocolate, Milton Snavely Hershey and the founder of Heinz Ketchup, H.J. Heinz.

Do some of the names you’ve seen here surprise you?

Have you been thinking that if you must file bankruptcy it brands you as a failure and terminates your financial future?

Read the list again and think about it. Obviously, filing bankruptcy is not a permanent dead end on the road to success, just a curve along the way.

If you’re struggling with debt problems and would like to know more about how bankruptcy might be able to help you, contact me today to schedule a FREE initial consultation. Just fill out the Contact Dan form on the far right side of the page and click the Submit button and I’ll get back with you as quickly as I can. I would count it a privilege to be able to visit with you in a relaxed and confidential environment where I’ll answer all of your questions in plain English and give you the straight scoop on the pros and cons of bankruptcy as related to your specific situation.