Successful People Who Once Filed Bankruptcy

Bankruptcy. For many people, it’s a scary word—even a sign of failure or defeat. Some people assume that bankruptcy is the end of the line—a financial death knell. But those people would be wrong.

For starters, bankruptcy is actually included in the United States Constitution. It was a way to avoid the oppressive debt that had forced some in England and other countries into “debtor’s prison.” Bankruptcy is a constitutional right—a protected form of debt relief designed to help those who need a second chance to get back on their feet and start fresh.

And many people throughout history have used bankruptcy for just that purpose. You might be surprised to know that some of the most successful people in the world once faced financial hardship that forced them to pursue debt relief through bankruptcy—including some of the world’s great artists, inventors, visionaries, and entrepreneurs.

Here’s a partial list:

  • Walt Disney
  • Henry Ford
  • H.J. Heinz
  • George Foreman
  • Clarence Saunders
  • Milton Hershey
  • Ulysses S. Grant
  • Larry King
  • William C. Durant
  • MC Hammer
  • Burt Reynolds
  • P.T. Barnum
  • Stan Lee
  • Mick Fleetwood
  • Abraham Lincoln
  • John Connally
  • Mike Tyson
  • Francis Ford Coppola
  • Marvin Gaye
  • Cyndi Lauper
  • Kim Basinger
  • Curt Schilling
  • Perez Hilton
  • Buffalo Bill
  • Jerry Lee Lewis
  • William McKinley

All of these people went on from filing bankruptcy to turn their lives around and gain massive success. Some of these individuals even changed the world! For them, bankruptcy was not a total failure: It was an opportunity to move on and do better, or to recover from financial hardships that occurred outside of their control. The difference is how they handled it.

How Can You Turn Your Bankruptcy Around?

First things first: Talk to a lawyer. Discuss your situation and your goals. Find out what the best debt relief option is for your situation. If it’s bankruptcy, discuss which chapter to file under with your attorney. Make a plan, and execute it. Decide now that you won’t let this be the end of your story! Think of bankruptcy not as a punishment but as a second chance—a clean slate. For many people, filing bankruptcy is not solely a result of their own decisions, but an unforeseen event that forced them into a tough situation. You can feel victorious knowing that you have an opportunity to get back on your feet again and return to the life you lived before.

If, however, you feel that poor financial decisions played a role in your previous financial situation, take action to avoid making those same mistakes again. It’s been said that the definition of insanity is doing the same thing over and over again and expecting a different result. It’s time for a change! Make a list of steps that will get you where you want to go. Find an accountability partner to help you stay on track. Don’t underestimate the power of bad habits! Work hard to break them and to put new, positive habits in their place—such as saving, living within your means, and finding joy in the simple things in life and relationships instead of spending money.

For more information or advice from a caring and experienced Brevard County bankruptcy attorney who can help you, call The Buchalter Law Group today at (321) 320-6088 and receive a free case evaluation.

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