Bankruptcy Information – It Also Happens to the Rich and the Famous!
Here’s some bankruptcy information that can be helpful when dealing with exceeding debt: it does not
happen to ordinary people only! In fact, a wide range of important people can be found among the bankruptcy
petitioners.
An opulent lifestyle and a bad management of your finances eventually lead to bankruptcy even if you are
making millions of dollars. Here are ten important people that went from rich to bankrupt:
1. King Philip II of Spain declared bankruptcy four times during his reign.
2. Abraham Lincoln was forced to file for bankruptcy twice due to loans from family and friends and
several businesses that failed.
3. Walt Disney went bankrupt before becoming famous when the sponsors of his company pulled out.
4. Burt Reynolds had to sell his trademark mustache to cover his $11.2 million debt.
5. M.C. Hammer filed under Chapter 11 after buying an expensive mansion and dealing with two
copyright violation complaints.
6. Michael Jackson filed for bankruptcy in 2007 for inability to repay a $25 million loan. He was in a
$400 million debt at the time of his death.
7. Tony Braxton claimed to owe about $50 million when she filed for bankruptcy for the second time.
8. Mike Tyson got into a $27 million debt due to luxurious lifestyle combined with bad management.
9. Donald Trump, although never declaring personal insolvency, filed for corporate bankruptcy for four
By just taking a look at the bankruptcy information above and at the outrageous amount of money some
of these celebrities owed, your debt will probably seem less significant than before.