Famous People Who’ve Filed Bankruptcy

Article I of the Constitution grants to Congress the power to establish uniform bankruptcy laws throughout the country. While initially a device for creditors to divide up a debtor’s assets, over time bankruptcy has become more debtor friendly and now it is means for debtors to obtain a fresh start free from burdensome debts. Unfortunately, while the purpose of bankruptcy has changed over time, the stigma of filing bankruptcy has still remained. While I don’t advocate intentionally or recklessly getting over your head in debt, I do certainly see the advantages to clients of being able to file bankruptcy when it’s in the clients best interest. Nothing can be more destructive to a family than to be crippled with overwhelming debt and no chance to save money for retirement. To help erase some of that stigma, I have listed famous people who have filed for bankruptcy. I do not list these names for purposes of ridicule but to point out that bankruptcy is there for both rich and poor, famous or infamous. Properly applied, bankruptcy can be a life preserver for those in need.

  • Rapper 50 Cent
  • Marvin Gaye
  • Kim Basinger
  • F. Lee Bailey
  • Meat Loaf, the singer.
  • Cyndi Lauper
  • MC Hammer
  • Francis Ford Coppola
  • Larry King
  • Curt Shilling
  • Larry King
  • Mike Tyson
  • Dave Ramsey
  • Walt Disney
  • P.T. Barnum
  • Mark Twain
  • Henry John Heinz, of Heinz Ketchup fame
  • Milton Hershey, of Hershey’s Chocolate fame
  • Henry Ford
  • J.C. Penney
  • Mickey Rooney
  • Debbie Reynolds

And there are many more that could be listed…

If you are over your head in debt and need help, please call my office for a free initial consultation. My firm is a debt relief agency, as provided under the Bankruptcy Code, and I assist debtors file for bankruptcy.

 

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