Famous People Who Filed for Bankruptcy and Still Made Millions
If you think going through bankruptcy can be an emotionally strenuous time in your life, try doing it in the public eye. Famous people can go bankrupt just like anybody else. They enter into bad business deals, spend their wealth frivolously or rack up a ton of debt that even their large stores of cash cannot overcome. Our Philadelphia bankruptcy lawyers talk to clients from all financial walks of life — no one is immune. Here are some prominent names that at one point were at financial rock bottom. Unlike others in similar situations, the following icons of industry managed to pull themselves out of their debt crisis, and emerge with assets totaling in the millions (or billions) of dollars.
Real estate and investment mogul Donald Trump didn’t always have his name on everything he owned. The man has famously filed for bankruptcy on multiple occasions since 1980s. Today, he’s able to earn millions in annual revenue based on stable business properties throughout the United States, including casinos in Atlantic City and Las Vegas. More information on his current and past financial history could come to light if he decides to make a 2016 presidential run — cross your fingers.
It wasn’t always grilling commercials and product placement for this former heavy-weight boxing champion. Foreman filed for bankruptcy protection in 1983 after losing a whopping $5,000,000 of his earnings from his fighting career. The loss of money was part of the reason he extended his fighting days well into his 40s. He risked his health to try and overcome his financial deficits. Thanks to the success of the grill product line that bears his name, Foreman has earned hundreds of millions of dollars.
The radio and television personality with a seemingly endless career may have needed to work for the rest of his natural life without the aid of the bankruptcy court. King field for bankruptcy in the late 1970s after a series of bad business deals left him nearly penniless with his creditors barking at the door for whatever cash was left. A former partner even accused the man of grand larceny at one point, prompting Florida police to arrest him. Charges were later dropped. He has since survived, retired a couple times, married several more, and attained a net worth in the hundreds of millions of dollars.
The industrial pioneer who liked his cars as monochromatic as possible was also terrible with money early in his company’s history. He reportedly filed for bankruptcy in 1909, a year after Ford introduced the Model T to the world. Seeking to sell more of his cars, the owner paid his assembly workers higher wages so they could afford to buy the cars they made day in and day out. The strategy worked, and by the time Henry died in 1947, his net worth was close to $200 billion.
If you, or someone in your family, is going through financial hardship, bankruptcy may be the solution to stop creditor actions and erase your money problems. Contact our law offices today for an immediate consultation with our experienced bankruptcy attorneys. This is one opportunity you simply cannot afford to miss.