Celebrities seem to have it all; fame, fortune and extravagant lifestyles. Some celebrities, however, find themselves in financial troubles that they didn’t even see coming. With wealth comes responsibility, some celebrities spend more than they make while others have tragically entrusted their finances to an unreliable or untrustworthy individual. Either way, celebrities are no different than the rest of us when it comes to bankruptcy.
While some celebrities have felt the sting of bankruptcy, many of them continued on successfully in their careers and endeavors. The following is a list of both celebrities and famous people who have filed for bankruptcy:
Mark Twain Believe it or not this famous writer filed for bankruptcy in 1894 after losing a large investment on a machine called the Paige Compositor, an automatic typesetting machine. While his debts were discharged, Twain was determined to repay his creditors and went on tour in Europe to do so.
Henry Ford Yes, the very famous, very wealthy car manufacturer filed for bankruptcy after his first two companies failed. His first company filed for bankruptcy and the second dissolved because of disagreements with his business partner. His third company is the Ford Motor Company we know of today, and I think it’s safe to say for Ford that the third time’s a charm.
Burt Reynolds Movie star Burt Reynolds filed for bankruptcy in 1996 after a messy divorce and over $10 million in debt. He owned a dinner theater that was foreclosed on and a ranch which was sold to pay his debts. He has continued to star in movies and even received a Golden Globe for best supporting actor.
Wayne Newton The famous Las Vegas entertainer filed for Chapter 11 Bankruptcy in 1992 with over $20 million in debt. Since then he’s gotten himself back on track by signing a 10 year deal with the Stardust Hotel, where he will make $25 million a year.
Walt Disney Although Walt Disney was an incredible success; he had a bumpy road on his way to his dream. Disney filed for bankruptcy in 1920 after the main client of his new business filed for bankruptcy. Disney wasn’t able to pay his employees and was forced to file bankruptcy as well. Luckily his parents and brother believed in Disney’s dream and loaned him the money to start another business. In 1923 “Mickey Mouse” was created and Disney’s money problems were gone for good.
Donald Trump When you think of multi-millionaires, usually Donald Trump falls on the list. Did you know Trump has also filed bankruptcy twice for his casinos? He filed Chapter 11 Bankruptcy in 1992 and again in 2004 to try to reorganize his debt after negotiations with creditors had failed. Trump bounced back and remains one of the most famous millionaires of his time.
Filing for bankruptcy is not as menacing as it sounds. If these men can bounce back from trying times, so can you. If you are considering filing for bankruptcy please contact a San Antonio bankruptcy attorney to learn more about your options.
Jeff Davis is the Owner of the Davis law firm, and a highly experienced San Antonio bankruptcy attorney. To find out more information about a San Antonio bankruptcy lawyer, please visit www.jeffdavislawfirm.com.