If you’re human then you’ve probably made a mistake or two in your life; it’s inevitable. No one hopes to fall short and, if anything, it’s the pain of falling short that encourages us to do everything in our power to not find ourselves in that same position again. Mistakes are a part of life. They help us learn and they help us grow. Or maybe you didn’t make a mistake at all. Maybe you made all the right choices and took all the right steps but circumstances or unforeseen events put you in a position that you never thought you’d find yourself in. Afterall, life happens regardless of our choices and plans.
Whatever your situation, you’re definitely not alone. As a matter of fact, some of the most recognizable names in Hollywood and history have been in the same boat and utilized the legal solution to the financial hole that many feel they’ll never be able to pull themselves out of… Bankruptcy. Let’s take a look at our former hole and boat mates, most of whom could brighten the bleak perception of the remedy intended for relief. Spoiler…. The only individual who’s bankruptcy we weren’t able to confirm is the one with the worst financial end.
Dave Ramsey- Before accruing an estimated net worth of $55 million, Dave Ramsey’s real estate firm went under. Ramsey filed bankruptcy in 1988, much to his avail as he’s now a renowned financial advisor.
Walt Disney– Animator, film producer and overall entrepreneur, Walt Disney filed bankruptcy in 1923, thirty-two years before Disneyland amusement park was built and opened.
George Foreman– The former boxer filed bankruptcy in 1983, eleven years before launching the George Foreman Grill. In 2019, Foreman’s net worth was estimated at $300 million.
Abraham Lincoln– You can find his face in any wallet today but in 1833 Abraham Lincoln didn’t have two coins to rub together after his business partner passed away. Lincoln filed bankruptcy, losing everything down to his horse! Twenty-eight years later, he would become the 16th President of the United States.
50 Cent– Rapper, actor, film and television producer and screenwriter, Curtis Jackson III filed for bankruptcy in 2015 after he was court ordered to pay $5 million towards a lawsuit for… errrrrr… reasons we don’t need to address here. Whatever controversies he’s involved in, his success is undeniable. At one point in Curtis’ career, his net worth was estimated at $155 million.
Henry Ford– Always a visionary but not unscathed on his road to success, Henry Ford filed bankruptcy not once but twice in his attempts to navigate the automotive industry. Well worth it as his net worth is estimated at $200 billion.
Larry King– Television personality/host, Larry King filed bankruptcy in 1978; the very year that he was offered the job that would transform into the CNN role that he’s most known for today. King’s net worth is estimated at $150 million.
Donald Trump– I mean, really, is there any list that Trump doesn’t make? And, okay, he never filed bankruptcy as an individual but he has made the move of filing bankruptcies for his businesses on several (6 that’s right, SIX) occasions, most of which are still in operation today. If anything his success in business could be attributed to his understanding of when relief should be sought.
Thomas Jefferson– Referenced in bankruptcy courtrooms to emphasize the purpose and need for relief, Jefferson is known for his brilliance, contribution to the foundation of American rights and…. Wait for it…. His debts. Thomas Jefferson died with a debt of approximately $100k, which is equivalent to a couple million today. He is probably the most important in this list because it is unclear as to whether or not Jefferson ever actually filed bankruptcy. His estate was sold after his passing to cover his debts. It’s difficult to say, but maybe a bankruptcy could’ve saved his estate had his debts been addressed prior to his passing.
If you’re in a hole now, just remember that it’s never too late to dig yourself out. Take control of your situation and sail yourself away from the murky waters of debt.