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Famous people who have declared bankruptcy

Financial problems can leave you feeling depressed and alone, even when a difficult economy and job market have caused you to fall behind on your credit card bills, mortgage, and other debts. If you are considering bankruptcy, then do not be embarrassed. Some of the world’s most celebrated singers, movie stars, sports players, and other public figures have resorted to bankruptcy to overcome financial challenges.

Below is a list of some well-known people who filed for bankruptcy and went on to become more successful than over before. Most of them went on to enjoy great success in their chosen careers. Some of them even became multi-millionaires.

Toni Braxton

Toni Braxton became a worldwide sensation in 1993 when her self-titled debut album reached number one on the U.S. billboard chart and sold millions of copies worldwide. The album also earned her three Grammy Awards, one of which was Best New Artist. Five years later, she was $3.9 million in debt and forced to file for Chapter 7 after alleging that her record label never paid her royalties on time. A year later, Braxton signed a new contract valued at $25 million.

Larry King

Iconic talk show host Larry King is worth an estimated $150 million today. In 1978, however, he declared bankruptcy with $352,000 worth of debt after an arrest for grand larceny (the charges were later dropped) left him unable to find work in the journalism field. Later that year, King received an opportunity to host a late-night talk show in Washington. This program later evolved into his popular CNN TV show, which enjoyed a hugely successful 25-year-run.

Cyndi Lauper

Peppy singer Cyndi Lauper filed for Chapter 7 in 1981 after her band at the time, Blue Angel, released a failed album and their manager sued the group for $80,000. Two years later, she shot to fame (and fortune) with her hit single “Girls Just Want to Have Fun.” Since then, Lauper has sold over 20 million singles and 50 million albums worldwide.

Abraham Lincoln

Abraham Lincoln, 16th president of the United States and one of the most celebrated men to ever assume that role, declared bankruptcy in 1833 after business failure left him unable to pay his mounting debt. Bankruptcy laws were not as debtor-friendly back then, so the future president was ordered to repay his creditors over a 17-year-period, which is significantly longer than the 5-year maximum period for a current Chapter 13 case.

Walt Disney

When Walt Disney died in 1966, his huge estate included a 14% share in Walt Disney Productions, valued at worth $20 million in 1960s currency. Few people knew that he filed for bankruptcy in 1920 after his main business client did the same, leaving him unable to pay the rent or his workers. He borrowed money from his family to form a new company in 1923, and five years later he created Mickey Mouse, which brought him fame and riches.

As you can see, bankruptcy can happen to anyone. If you are struggling financially, then it can give you the breathing room needed to do better than ever in the future. Jayson Lutzky is an experienced bankruptcy attorney. To set up a free in-office initial consultation with Mr. Lutzky, call 718-329-9500.

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