You’re Not Alone: Famous People Who Have Gone Bankrupt

So, here you are, feeling like you’re all alone in this. All alone in going bankrupt. Well, not only do you have Markwell Law on your side to defend your rights, but you also have some pretty important company. Here’s a look at several famous people who found themselves in your shoes and came roaring back from bankruptcy.

Dave Ramsey – The radio and TikTok famous financial authority wasn’t always on top and, in fact, lost everything when the bank called in their loans to the young millionaire. He declared bankruptcy in 1988 and came through it all to be one of the most well-respected financial gurus around.

Willie Nelson – Due to following some poor – and eventually declared illegal – tax advice, the On the Road Again singer and songwriter found himself bankrupt after the IRS seized all of his assets…except for Trigger, his guitar. In an unprecedented move, the IRS allowed Willie to record an album, whose entire proceeds went to pay off his debt.

Abraham Lincoln – Before becoming president, one of Lincoln’s many failed attempts at a career led him to bankruptcy. He and a partner bought up stock from failing general stores in Illinois, hoping to resell them for a profit in their own store. When that didn’t work, he had no other option but to declare bankruptcy, and then eventually end slavery.

Henry Ford – Before the Model A and Ford Motor Company, there was the Quadricycle, Henry Ford’s first attempt at building a car. While he was focused on building it, he didn’t do much to market and sell the vehicle. Can you guess what happened next? Yep, bankruptcy. But he did ok for himself after that.

Teresa Giudice – This Real Housewife of New Jersey star was great on the show, but not so great with her money. Together with her husband, Teresa filed for bankruptcy in 2010, only to withdraw it later. Eventually, she ended up in jail over her debt. Don’t be Teresa.

Mick Fleetwood – The founder and drummer of Fleetwood Mac declared bankruptcy in 1984 and lost all of his assets. He kept on writing and performing his music and made his way back.

And now for some fellow Missourians

Walt Disney – Before Disney Studios and Mickey Mouse, Walt Disney owned a small animation studio in Kansas and couldn’t pay his bills. He declared bankruptcy and started over. He almost lost everything again during production of Snow White and the Seven Dwarfs, saved only by a last minute loan to complete production.

Ulysses S. Grant – This president and Civil War hero went bankrupt after a crooked business partner stole their investors’ money. Grant eventually partnered with Mark Twain on a book to raise money to support his wife.

Mark Twain – America’s first world-famous author, Twain had to declare bankruptcy after a failed investment to a family member in an automatic typesetting machine. He turned back to writing and eventually made good on all of his debts.

Harry S. Truman – Among other famous people who have gone bankrupt, a former president.  Succeeding in politics, Missouri’s favorite son failed at business. He and a partner owned a men’s clothing store in Independence that went under, causing the future president and war leader to declare bankruptcy.

While bankruptcy is definitely a time to reexamine your financial choices, don’t forget that you’re not alone. The biggest difference between you and the famous people listed above is that they didn’t have Markwell Law on their side.

Good call!