Many famous politicians, inventors and entertainers faced financial problems and had to file for bankruptcy . These famous people faced different scenarios in life that resulted in financial struggles. The majority rose from these financial problems to become successful individuals in entertainment, politics and other fields.
In order to succeed there is a level of risk that must be taken, and many famous people at some point took risks that did not produce the expected results. Although they faced bankruptcy, they dealt with the financial problems and moved forward to become powerful and successful people. Below we detail some of the famous people that have been bankrupt or have had to file for bankruptcy over the years:
Famous People Who Have Filed for Bankruptcy
Larry King- A well known television talk show host today, filed for bankruptcy protection in 1971 and 1978. King worked in radio prior to becoming a well known television talk show host. He initially filed for bankruptcy when he was just starting in radio. During the period he worked in radio, it is reported that he lived beyond his means and ended up owing more than $300,000. As a result he filed for bankruptcy protection again in 1978.
Cyndi Lauper- The pop singer filed for Chapter 7 bankruptcy protection in 1981. During this time she was part of a band called the Blue Angel's whose manager filed a lawsuit against the group. The group released an album that was unsuccessful. The lawsuit and the Blue Angel's unsuccessful album led Cyndi Lauper to file for bankruptcy protection.
Mick Fleetwood- One of the founding members of Fleetwood Mac filed for bankruptcy protection in 1984 in the Central District of California. Mick Fleetwood's problems with drug abuse and excessive real estate purchases resulted in serious financial problems. Mick Fleetwoods filed for Chapter 7 bankruptcy protection which resulted in a large portion of his assets being sold off to pay creditors.
Tom Petty- The popular singer filed for bankruptcy protection in 1979 after becoming involved in a legal dispute over his liability over a breach of contract to MCA. Tom Petty had an unfavorable contract with Shelter Records and attempted to get out of the contract when Shelter Records was acquired by MCA. After Petty filed for bankruptcy, MCA eventually released him from the contract and signed him under a new $3 million dollar deal.
Jerry Lewis-A well known and successful comedic actor faced financial problems in the 1970's as a result of his involvement in a franchising business for movie theaters. The franchise involved having a "Jerry Lewis Cinema" that was a type of mini theater. Lewis filed for bankruptcy protection in 1980.
Kim Basinger -In 1993 Kim Basinger filed for bankruptcy protection after a judgement was entered against her for a breach of contract in the amount of $8.5 million. Basigner was accused of breaching a contract to star in the movie Boxing Helena. After initially agreeing to be part of the movie Basinger backed out of the project and was sued by the studio. The Studio and Basinger eventually came to a settlement agreement.
Dorothy Hamil-The famous ice skating star filed for Chapter 11 bankruptcy protection in 1996. After a series of bad business decisions that included the purchase of a traveling ice show in 1994, Hamil declared bankruptcy two years later.
Walt Disney- The famous founder of Disneyland and inventor of Mickey Mouse, once was bankrupt after he quit his job to start a film company making cartoon shorts. The film company was called Laugh-O-Grams and went bankrupt after it was unable to find sufficient work to cover its costs. Disney struggled in this business and eventually was left with no money.
Francis Ford Coppola- The famous director of the Godfather filed for bankruptcy after he borrowed a huge sum of money to make the film One from the Heart. The film was a financial disaster and Coppola could not pay the money borrowed to finance the film.
Abraham Lincoln-The 16th President of the United States faced financial problems and owed many creditors money after purchasing a convenience store that went bust. Lincoln was indebted for along time to creditors as a result of the debt incurred from the convenience store. Lincoln and his partner bought out other stores hoping to kill the competition, the problem was that even without competition, there was not enough people buying what they were selling. At the time Lincoln could not file bankruptcy since bankruptcy laws did not exist. The lack of bankruptcy protection resulted in the majority of Lincoln's assets being sold to pay creditors.
Although these well known actors, singers, entertainers, and inventors faced financial problems, they overcame their financial struggles and found success.
Having to file for bankruptcy is a solution that may be needed in certain financial situations. It is not a sign that the person is a failure or will not succeed in the future. It is solution that can allow the party rebuild their financial future as these famous people did.