Often, people with financial difficulties believe that they are the only ones having money troubles. They feel embarrassed by their situation, blaming themselves and thinking that bankruptcy will only make things worse. What they don’t realize is that many people, from those without much money to celebrities with millions, have discharged their debts through bankruptcy.
If you’re thinking about bankruptcy, you’re not alone. Many people share your situation, and many have found relief from debt through bankruptcy. The famous names below have all filed for bankruptcy at some point:
Samuel Clemens, the author better known as Mark Twain, lost the majority of his money after a failed investment in the Paige Compositor, an automatic typesetting machine. Though his debts were discharged in 1894, he spent the last years of the 19th century using the money received from lectures to repay his creditors.
Rembrandt Haremenszoon Van Rijn, the Dutch painter also known as simply “Rembrandt,” filed for bankruptcy in 1656 at the age of 50. His lawyer organized the selling of his assets, including his home as well as many of his paintings. Rembrandt continued to paint during the bankruptcy, though he wasn’t permitted to sell his paintings directly to the public.
Milton Hershey, famous chocolatier, filed for bankruptcy for every one of his first four candy companies. The fifth time is the charm, apparently, as after his last bankruptcy, he started another company—Hershey Foods Corp.
Phineas Taylor Barnum, world-famous entertainer, filed for bankruptcy in 1871 after losing money in various unsuccessful business ventures. Ten years later, he merged his show with the show of his successful competitor James A. Bailey, to create Barnum & Bailey Circus.
Matthew Brady, renowned Civil War photographer, filed for bankruptcy in 1872 after interest in his exhibits waned. The U.S. War Department paid him $25,000 for his collection three years later, which allowed him to reopen his gallery and attract new clients.
Many successful people have filed for bankruptcy at some point in their lives. Filing for bankruptcy does not have to be the end of your finances; you can rebuild your credit and almost always get back to normal. Contact a qualified bankruptcy attorney to find out if bankruptcy is right for you, which type you should file, what you can expect from the process, and how you can get to a brighter financial future.
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