You're Not Alone: A Partial List Of Famous People Who Have Filed For Bankruptcy
Sometimes, people feel embarrassed about filing for bankruptcy, as though it is an indication that they have done something wrong.
We could regale you with statistics about how most people who file bankruptcy do so because of circumstances entirely beyond their control, but we thought it might be more illustrative to provide you with a list of famous people who have filed for bankruptcy. We thought that might make you feel less alone:
- Milton Hershey founded the famous chocolate company that bears his name, of course, and became one of the great American business success stories of the 20th century. Before he did that, though, he went through several business failures. He filed for bankruptcy and, in fact, could only start Hershey's with money that he borrowed from his family.
- Donald Trump is another famous businessman who achieved great success, but not before he hit a few bumps in the road. "The Donald" declared personal bankruptcy in 1991 and four of his companies have filed for bankruptcy since then.
- Toni Braxton was sitting pretty after a string of R&B hits in the early 1990s, but personal problems and tax complications meant she had to file for bankruptcy twice.
- Debbie Reynolds was a film star for many years, but her foray into gambling didn't go so well. She opened Debbie Reynolds Hotel and Casino in Las Vegas in 1992, but it struggled almost from the beginning. Eventually, she filed for Chapter 7 bankruptcy, her business filed for Chapter 11 and the hotel and casino was sold to the World Wrestling Federation.
- Janice Dickinson, the former supermodel who had a second career as the tart-tongued judge on "America's Next Top Model," filed for bankruptcy in 2013. She said it was due to medical bills and tax issues.
As you can see, a great many people who have found success in business or entertainment have filed for bankruptcy. This is only a partial list, of course, but we hope it shows you that you are far from the only one experiencing financial difficulties.
If you think it would be helpful to speak to a bankruptcy attorney, please feel free to contact us.