Saturday, May 9, 2020

Look who needed bankruptcy help once too

No one is immune from financial troubles and everyone needs help sometime in their lives. The analysts predict many people will find themselves on the financial ropes as we emerge from this crisis. If you find you are one of those who is struggling as the world opens up, don't think of bankruptcy as defeat. Look at it for what it is; a tool or opportunity to reset your financial life. 

I found this article, "9 Famous People That Went Bankrupt Before They Were Rich" on Forbes

Look who used bankruptcy protections to restart their financial lives:

Abraham Lincoln: "1833, a young Lincoln declared bankruptcy after a business he owned went under. His penalty for doing so was severe - Lincoln spent 17 long years repaying his creditors before he regained his financial footing and embarked on his journey to the U.S. presidency and the history books." (TheStreet)

Dave Ramsey: "Dave came out of the starting gate like a championship horse. By the age of 26, he built a portfolio of rental real estate worth over $4 million through his brokerage firm, Ramsey Investments, Inc. He had become a superstar in the real estate market of his home state of Tennessee at a very tender age.
But success didn’t last. His real estate holdings were heavily leveraged, and creditors began calling in his debts. This forced him to file for bankruptcy."
Walt Disney: "...from humble beginnings, Walt Disney showed entrepreneurial drive at an early age. But he also filed for bankruptcy, while still barely more than a teenager. And it almost happened a few years later, just before one of his greatest successes."
George Foreman: "He retired from boxing, moved back to his hometown, and became an ordained Christian minister. He started a youth center for troubled children, where they could participate in sports. But the declining income led him to file for bankruptcy in 1983."
Elton John: "... enjoyed a lavish lifestyle. In 2002, he declared bankruptcy after incurring huge debts on properties he owned all over the world. Wikipedia also confirms he went on a two-year spending spree – around 2000 – in which he spent about 1.5 million British pounds per month (well over $2 million per month)."
Anyone can fall on hard times no matter what is going on in the economy. Some of the most successful people we know of used bankruptcy to start over. Using the bankruptcy laws appropriately can help prevent prolonged financial suffering created or worsened during this crisis.   
If you want assistance, legal representation, or just want to know more about me, Mark M. Medvesky, or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at

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