Families and individuals who are thinking about filing bankruptcy in Mississippi often feel as if they are alone and as if they are the only ones with financial problems. They are embarrassed and ashamed because of the social stigma that bankruptcy has carried during the two hundred years since bankruptcy laws were established in this country. The average person considers bankruptcy a sign of failure and financial irresponsibility. What most people don’t know is that many well known and famous people, including many, many celebrities, have filed for bankruptcy. They include millionaires, businessmen, athletes, rock stars, actors, entertainers, and one of the founding fathers of our country. Many of these people have gone on to become very successful after they filed bankruptcy to discharge their debts. Here is a small sample of some of the famous people you will recognize that have filed bankruptcy.
Amadeus Mozart, Elton John, MC Hammer, Michael Jackson and Mick Fleetwood have all filed bankruptcy.
Thomas Jefferson and Ulyssess S. Grant filed for bankruptcy.
The following people have filed for bankruptcy and became very successful or continued to be successful after the bankruptcy.
- P. T. Barnum, filed for bankruptcy and it was after his bankruptcy that he organized the circus known as the, “The Greatest Show On Earth.”
- Henry Ford’s first automobile manufacturing company failed and filed for bankruptcy.
- Wayne Newton, who now earns $68,493.15 per day, whether he works or not, filed for Chapter 11 bankruptcy in 1992 listing more than $20 million in debt.
- Larry King filed for bankruptcy in 1960 and then again in 1978.
- Walt Disney, filed for bankruptcy in 1920 and created “Mickey Mouse” eight years later.
- Henry J. Heinz, started a company in 1869 selling pickles, sauerkraut, horseradish and vinegar. He filed for bankruptcy then immediately started a new company and introduced tomato ketchup to the market. This company continues to be very prosperous.
- Donald Trump filed a Chapter 11 bankruptcy case in 1992 for his casino business and again for his casino empire in 2004.
- Milton Hershey, started four separate candy companies that each failed and he filed bankruptcy. His fifth attempt at the candy business was Hershey’s Foods Corporation and has been highly successful.
- Rembrandt, the famous Dutch painter whose paintings now sell for hundreds of millions of dollars, filed for bankruptcy at the age of 50 in 1656.
- Burt Reynolds filed for bankruptcy after he divorced Loni Anderson. He had more than $10 million dollars in debt.
- Jerry Lee Lewis, rock and roller, filed for bankruptcy because of huge tax debts to the IRS.
- Mickey Rooney owed the Internal Revenue Service over one million dollars and filed for bankruptcy in 1962.
- Sherman Hemsley, who played George Jefferson in “All in the Family” and “The Jeffersons”, filed for Chapter 13 bankruptcy.
Disclaimer: This blog is intended as general information purposes only, and is not a substitute for legal advice. Anyone with a legal problem should consult a lawyer immediately.