Bankruptcy has this reputation of being the last resort of a desperate person. In reality, bankruptcy is a way for many people to find a clean slate in their lives, and take their future back into their own hands. Many famous people have used bankruptcy as a steppingstone to their overall success.
Just last year, more than 750,000 people and 22,000 businesses filed for bankruptcy. All of those people we able to find a better path to move into the next chapter of their lives through bankruptcy. Some of the most famous people throughout history to benefit from bankruptcy include:
Before he was president, President Lincoln encountered a long list of shortcomings in his business and political careers. One of his first failures was his failed business in 1833. However, after recovering from this debt, he later went on to become one of America’s greatest presidents.
The creator of now world-famous cartoons, Walt Disney had a failed animation studio before the successful one that everyone knows. Disney founded Laugh-O-Gram studio in 1920 and filed bankruptcy just a year later. While this decision was difficult, he was able to create a new animation studio only two years later, which went on to produce “Snow White and the Seven Dwarfs” in 1937.
Not all bankruptcies occur at the beginning of a person’s life. Elton John enjoyed a long and successful career for decades. It was not until 2002 when the weight of his properties all over the world become too much and called for him to declare bankruptcy. Through proper financial planning and devotion to recovery, the legendary singer was able to bounce back with a net worth of $450 million as of 2018.
Do not dread your way out
Bankruptcy is not a shameful decision; it is a tool that many people rely on as a way to escape crippling debts like medical debt and credit card debt.