Bankruptcy
“Every strike brings me closer to the next home run” -- Babe Ruth (1895 - 1948)
Some can't get past the stigma, others see bankruptcy as a tool, but the majority of people filing for bankruptcy are decent folk like you or me. When dealing with the stress of personal bankruptcy it's somehow comforting to see that one is in good company.
Famous Bankruptcies
“Bankruptcy is a legal proceeding in which you put your money in your pants pocket and give your coat to your creditors.” --- Joey Adams
Trump and Bankruptcy
“You're fired!” That's right, the Donald himself fell pray to the bankruptcy courts.
Trump's real estate investments made him a billionaire in the 1980's. In 1990 his business went bankrupt. He came close to personal bankruptcy too, reportedly owing around $900,000,000 dollars himself. Recently the Donald had to relinquish his control over the Trump Casino enterprise as he led it teetering into bankruptcy protection.
Presidents, performers, painters and even Kings have found themselves filing for bankruptcy protection...
Mark Twain's Bankruptcy of 1894
Mark Twain backed the Paige typesetting machine rather than Alexander Graham Bell's telephone company to the tune of $250,000. This was a decision he regretted the rest of his life. In 1894, Twain declared bankruptcy.
Rembrandt's Bankruptcy of 1656
The Dutch painter Rembrandt, despite creating some of the greatest paintings in the history of art, filed for bankruptcy in 1656. After bankruptcy he continued to paint great works of art.
Henry Ford and Bankruptcy
As hard to believe as it is , the automobile manufacturer Henry Ford experienced bankruptcy. Ford's first company went bankrupt, and his second company also failed. On his third try, he started The Ford Motor Company and the rest is history.
Jerry Lee Lewis's Bankruptcy of 1988
Singer Jerry Lee Lewis, in 1975, lost most of his personal property to the IRS to cover back taxes. In 1988, he filed for bankruptcy with around $3,000,000 in debts and no assets. Lewis continues to perform today.
Kim Basinger's 1993 Bankruptcy
Actress Kim Basinger, filed for bankruptcy in 1993 after being ordered to pay Main Line Pictures over $8,000,000 for backing out of a film role. Several years later she won an Oscar.
Burt Reynold's 1996 Bankruptcy
Actor Burt Reynolds, filed for bankruptcy in 1996, while over $10,000,000 in debt. He continued to act after his bankruptcy and earned a Golden Globe for Best Supporting Actor.
The interesting thing to keep in mind is that even though one files for bankruptcy, it is not the end of the world...
Most people, like the famous on the above list, file for bankruptcy then get on with their lives. The first step in recovering from a bankruptcy is seeing the experience as the beginning of a new-found financial freedom.
Learn more about Famous Bankrupts.
Bankruptcy Facts
“It's only the poor who pay cash, and that's not from virtue, but because they are refused credit.” -- Anatole France (1884 - 1924)
185 Bankruptcies per Hour
In the year 2003, one in every 73 American households, 1.6 million bankruptcy cases were filed. That was almost double the 1 in 144 that filed in 1993, a decade earlier.
According to the American Bankruptcy Institute, consumer bankruptcies were filed at a rate of 185 per hour.
Highest Bankruptcy Rate
Utah had the dubious distinction of having the highest per household bankruptcy rate, followed closely by Tennessee, Georgia, Nevada and Alabama.
Lowest Bankruptcy Rate
Alaska had the lowest rate in 2003, just one filing for every 189 households, followed by Vermont, North Dakota and New Hampshire.
Approximately 10 percent of all clients who seek nonprofit credit counseling file for bankruptcy.
Read about the Bankruptcy Abuse Prevention, Consumer Protection Act of 2005 and the New Bankruptcy Law.
How did your Congressperson vote on the Bankruptcy Abuse Prevention, Consumer Protection Act
Learn more about bankruptcy from Bankruptcy USA.
