Page 1 of 3
Bankruptcy Filings of the Rich and Famous.
People facing financial difficulties often feel like they are the only ones having financial troubles. Many feel embarrassed and isolate themselves from their community. Some are reluctant to file for bankruptcy because they are afraid they will be labeled failures and irresponsible by their peers. They do not realize that many people, including famous celebrities, have faced similar financial difficulties and filed for bankruptcy to discharge their debts. Below is a list of a few famous people including artists, athletes, authors, actors and businessmen who filed for bankruptcy
Burt Reynolds was $10 million in debt when he filed for bankruptcy after his 1996 divorce. He went on to win a Golden Globe for Best Supporting Actor in the movie Boogie Nights.
Rembrant went bankrupt in 1665 and his house and collections were auctioned off. Unfortunately, the money raised wasn't enough to cover his debt so he set up an art-dealing business to keep his creditors at bay.
Mickey Rooney filed for bankruptcy in 1996 because he owed over $1.75 million to the IRS.
Donald Trump: Donald Trump found himself $900 million in debt in 1990 and lost a lot of his business ventures but somehow restructured his debt to be back on top running a billion-dollar empire.
Mark Twain went bankrupt in 1894 thanks to bad investments, especially in new inventions, and his publishing house going under. Twain went on an around-the-world lecture tour to pay of his creditors and did so in full in 1898.
Oscar Wilde, in trouble for “gross indecencies,” was forced to declare bankruptcy in 1895 and lost some of his prized possessions including first editions of his own books. After serving his prison term, his friends helped him to bring his estate out of bankruptcy.
P.T. Barnum is best known for being half of the “Barnum & Bailey Circus” but he actually didn’t get into that until he was 61-years-old. He first opened a museum in New York City showcasing nature’s oddities like Tom Thumb who was only 2 feet 9 inches tall. He also invested in the development of East Bridgeport, Connecticut and went bankrupt when that didn’t work out. He bounced back in four years and got into the circus business.