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Bankruptcy is a process...Not the end.

Rhode Island Bankruptcy Attorney

Providence High Asset Bankruptcy Lawyer

Many people assume that they are failures if they file for bankruptcy. In actuality, bankruptcy can often be the first step to future success. By discharging old debts, you are able to move on with your life and business, and you may even find your fortune! Bankruptcy isn’t just for people like you and me. Sometimes, some of the most successful people had to file for bankruptcy before they found their success. Other times, famous celebrities mismanage their money and are forced to declare bankruptcy. With the assistance of an experienced bankruptcy lawyer, you may be able to turn your life around, just like these famous people who declared bankruptcy.

Bankruptcies Involving Famous People

Francis Ford Coppola: (1939-present) Famous for the Godfather Trilogy and multiple Oscar nominations and wins for writing and directing, Coppola filed for Chapter 11 bankruptcy in 1990 after his film studio went bankrupt. That same year, the Godfather III was nominated for 7 Oscars. He has since written and directed multiple box-office hits and owns a successful wine company and food line.

Walt Disney: (1901-1966) Before Mickey Mouse, Walt Disney was a struggling cartoonist who filed for bankruptcy in 1923. That same year, he co-founded the Walt Disney Company, which today makes around $35 billion in yearly revenues. Almost 50 years after his death, Walt Disney still holds the record for the most Academy Award nominations (50) and wins (26).

Mick Fleetwood: (1947-present) The drummer of Fleetwood Mac filed for bankruptcy in 1984. Since then, he has released 6 albums with Fleetwood Mac and 3 solo albums. He was still touring with the band in 2009.

Henry Ford (1863-1947) The inventor of the assembly line and the first mass produced automobile was not always so successful. His first auto company went bankrupt in 1901. Two years later, Ford left the company and founded the Ford Motor Company, which would dominate the auto market for decades. As for his first venture? You may now know it as the Cadillac Automobile Company.

William Fox: (1979-1952) Fox was the co-founder of Fox Film Corporation, but lost almost $100 million during the Depression. He declared bankruptcy in 1936. The Fox Film Corporation merged with Twentieth Century Pictures and is now 20th Century Fox. It is one of the largest American film studios and has an annual revenue of $30.4 billion.

Marvin Gaye: (1939-1984) This singer-songwriter is ranked by the Rolling Stone as the sixth Greatest Singer of All Time. In 1979, due to tax issues and drug abuse, Gaye filed for bankruptcy. He recorded 4 more records in the next 5 years before his death.

Milton Hershey: (1857-1945) Like many of the successful business founders on this list, Hershey’s first attempt at running a candy business ended in bankruptcy in 1882. Hershey became a wildly successful businessman and philanthropist.

Perez Hilton: (1978-present) Hilton is one of the most successful bloggers to date, bringing in around 4 million visitors everyday. Before creating “Hollywood’s Most Hated Website,” however, he was a debt-ridden college grad and had to file for bankruptcy.

Abraham Lincoln: (1809-1965) One of the most well-regarded presidents in American history went bankrupt in 1832 after buying a general store. He may not have been able to save his general store, but he was able to rescue the United States from civil war.

Burt Reynolds: (1936-present) Like many successful Hollywood celebrities, Reynolds, an Oscar-nominated actor and director, lived a lavish lifestyle that eventually overwhelmed him with debt. In 1996, he filed for bankruptcy. Reynolds was able to keep his ranch, and has starred in multiple movies in the past 15 years.

Bankruptcy is a serious decision and a complicated process. To learn more about how bankruptcy can help you, contact a Massachusetts and Rhode Island Bankruptcy Lawyer today.