Many years ago after I bought my first house, I made a real estate investment mistake that cost me two houses. An attorney I contacted suggested I file for bankruptcy but the thought of it made me cringe. In my community there was an attitude of disdain toward anyone that had chosen this option to resolve debt.
I did not learn until years later that bankruptcy was created to encourage small business start ups and protect the owners if the business failed. Neither did I know that people we would typically expect to never have debt issues would use bankruptcy as a way to start over. You might be surprised at some of the Hollywood celebs and other famous individuals that have done this. The hiring of the bankruptcy lawyer san diego will be effective for the celebrities if there is shortage of the funds. The solving of the case should be done with expertise and experience.
Believe it or not, there are several respected historical figures that filed for bankruptcy. The great American showman, Phineas Taylor Barnum who wowed the populace with team of circus performers went this route in 1871 due to some business decisions that went wrong, before he joined forces with the owner of Barnum’s. The renowned American author, known under the pen name, Mark Twain sunk most of his savings into the development of an automatic typesetting machine that failed to make it to the market. His debts were discharged in 1894 and after which he traveled and lectured in Europe to achieve financial balance.
For you chocolate fans, it may raise an eyebrow or two to know that Milton Snavely Hershey filed for bankruptcy four times due to failed businesses before the fifth and final Hershey’s chocolate business took off. This entrepreneur had a 4th grade education but was determined to find a product pleasing to the public. You may not know that Henry Ford actually started up two automobile companies that went down the tubes, ending in bankruptcy before he gathered the $28k needed to start the Ford Motor Company.
Among the movie celebs, sports heroes and performers that have filed for bankruptcy are Mickey Rooney, Debbie Reynolds, Johnny Unitas (Hall of Fame football quarterback), Jerry Lee Lewis, Bert Reynolds, Sherman Hemsley (George Jefferson), Wayne Newton, Kim Basinger, MC Hammer, Larry King, Mike Tyson, Sammy Kershaw, Vince Neil (Motley Crue), Willie Nelson, Meatloaf…the list goes on!
If the celebrity list does not impress you sufficiently, consider Donald Trump. Who would guess this famous financier would be forced to file for bankruptcy? Trump, in fact has filed four times on behalf of his casinos but this did not affect his TV show or real estate holdings. He used Chapter 11 to renegotiate the casino debts after which each one got onto the success track.