10 Great People Who Survived Bankruptcy
Bankruptcy has a gray cloud lingering over it and it’s time people began to realize bankruptcy isn’t something to be ashamed of or avoid, but that it’s a service created to help people who’ve been hit with hard times. Imagine those sleepless nights, the weight on your shoulders and the paranoia of opening your mail all GONE. That’s exactly what bankruptcy is. Can you recover from Bankruptcy? Take a look at the list below to see some of the most successful people come back from bankruptcy.
1) Abraham Lincoln
Ironically, Abraham Lincoln’s face is all over our money. It’s ironic because Abraham Lincoln once didn’t have a dime to his head and now his head is printed on money. Before his presidential days, Honest Abe didn’t run a store nearly as successful as he ran in elections. Safe to say, Lincoln wasn’t the best storekeeper. Abraham owed $1,000 (almost $28,000 in today’s currency) after his partner died. Despite all this, Abraham Lincoln went on to be one of the most inspirational presidents.
2) Walt Disney
Everyone knows who Walt Disney is, but people often don’t know that he was bankrupt and broke in the past. When a film deal turned sour and Walt’s client didn’t pay; he had nothing except debts and bills. Five years later, Walt went on to create Micky Mouse and went on to create one of the world’s large media companies.
3) Henry Ford
Henry Ford bankrupted himself in 1903, but did that stop him from building a huge automotive empire? No. He tried, failed and tried again. He kept on trying until his dream became reality. With today’s net worth estimated at $188,000,000,000 – yes, billion. Who’d have thought Henry Ford was ever bankrupt?
4) Donald Trump
A famous business man and a keen user of the phrase “you’re fired!” Donald Trump is no stranger to bankruptcy believe it or not. Still in business and profiting, Donald Trump has filed for corporate bankruptcy not once, not twice, not three times but four. Four times. His casino and hotels in Atlantic City slowly snowballed into a mass debt requiring the aid of corporate bankruptcy four times.
5) Larry King
Before Larry King was huge hit on American radio and television, he was in over $350,000 of debt. The very same year Larry filed for bankruptcy would be the very same year he would embark on his 25-year career as one of the most popular radio and television hosts in America.
6) Ulyssess S Grant
First Abraham,now Ulyssess – it definitely shows bankruptcy can’t be all gloom and doom when there’s been two presidents to benefit from the scheme. Ulyssess invested in a Wall Street investment firm only to be cheated by a stealing partner.
7) Wayne Newton
In 1992, Wayne filed for bankruptcy to help with his $20,000,000 debt which he’d accrued trying to sue broadcasting giant, NBC. Within seven years, Wayne was financially stable again and rebuilt a mass fortune despite his bankruptcy.
8) George Foreman
Before George’s lean, mean, grilling machines, he was a boxer down on his luck and out of pocket. He filed for bankruptcy before reinventing himself and becoming a highly successful entrepreneur with a wide range of kitchen products. George Foreman has an estimated wealth of over $250,000,000.
9) Milton Hershey
Before Milton Hershey’s successful career as a chocolatier, he bankrupted himself after running a candy store for six years. He didn’t give up there! He returned home and created a company where he would perfect milk and caramel production, only to sell the company for $1,000,000 so he could finance his ambitious project of perfecting milk chocolate which would be known as The Hershey Foods Corporation, known now as The Hershey Company…or more well-known as just Hershey.
10) Francis Ford Coppola
Some of you may not know Francis. Francis is the writer, producer and director of The Godfather trilogy and other massive hits. Even though Francis filed for bankruptcy, it hasn’t affected his career and he’s still in production making awesome movies.
No Shame in Filing
Now that you’ve seen a list of 10 successful people to survive bankruptcy –and there’s plenty more people—, maybe you’ll feel a little better about the big “B”. Bankruptcy isn’t anything to be ashamed of and should be utilized where possible for those who are in need. Would you refuse medical help? Bankruptcy is a finical aid. An aid, not a charity. Unfortunately, no one can predict a hardship or anything else which may knock our lives into financial chaos, so don’t ignore the problems, don’t bury your head in the sand; tackle the problem and consider bankruptcy.