If you’re looking into bankruptcy, you might be thinking in despair that you’re the only person who has ever had financial problems. That’s so far from the truth it’s almost laughable. Since 2000 there have been more than 23 million bankruptcies filed in the United States.
It’s generally human nature to want to take care of your debt. I can’t think of any clients of mine who did not spend months, or even years, trying to dig themselves out of debt. Unfortunately, there are many people who struggle far too long and end up cashing out retirement savings and selling assets trying desperately to keep their head above water. Many of those people could have kept all or most of their assets if they’d investigated bankruptcy.
Many Famous People Have Had Financial Problems
Many of us might see sports figures, business owners, movies stars/celebrities, and politicians as people who have it made and never have to worry about financial problems.
There are several famous sport figures who ended up filing for bankruptcy or had serious financial troubles, including Mike Tyson, Michael Vick, Sheryl Swoopes, Lenny Dykstra, Dorothy Hamill, and many, many more.
There are several business owners who had serious financial troubles at various points in their lives, including some who used the bankruptcy system to aid in their recovery. They include Walt Disney, Henry Ford, H.J. Heinz, Milton Hershey, and P.T. Barnum.
There are several movie stars, singers, and celebrities who have fallen on hard times and some needed bankruptcy to help them get back on track. Some of the most notable who went through tough financial stretches are George Foreman, Anna Nicole Smith, MC Hammer, Francis Ford Coppola, Burt Reynolds, Wayne Newton, Stan Lee, Jerry Lee Lewis, and even Dave Ramsey (the modern day financial guru for getting out of debt).
There have even been several presidents who had financial problems either early or later in their lives, including George Washington (he had to borrow money to attend his first inauguration), Thomas Jefferson, James Madison, William Henry Harrison, Abraham Lincoln, Ulysses Grant, James Garfield, William McKinley, Harry Truman, Bill Clinton, and yes, even Donald Trump.
Bankruptcy Often Helps People Recovery Financially More Quickly
For the people who have looked into and actually filed for bankruptcy, they often find that it didn’t end up being a big deal and that they are able to get credit again soon after bankruptcy.