PEOPLE WHO HAVE FILED FOR BANKRUPTCY  

Considering bankruptcy?  You might be interested to know that you are in good company…below are just a handful of what are now household names that had to use bankruptcy as their first step toward a financial fresh start that helped lead to their ultimate success.  Remember - bankruptcy is not an end, it is a new beginning. 

Walt Disney  

Early in his career, Disney was just a struggling filmmaker with too many bills. In 1922 he started his first film company with a partner in Kansas City. The two men bought a camera and made short advertising films and cartoons under the studio name Laugh-O-Gram. A distributor Disney dealt with didn’t pay as promised, so Disney couldn’t cover his rent or payroll, and his studio went bankrupt in 1923. He then left Kansas City for Hollywood, and after a series of increasingly successful creations, Disney debuted a new character named Mickey Mouse in 1928.  The rest, as they say, is history

Henry Ford

Filed Bankruptcy when his first automotive company failed. His second automotive company failed also. In June 1903, at the age of 40, he created a third company, the Ford Motor Company, with a cash investment of $28,000.00. By July of 1903 the bank balance had dwindled to $223.65, but then Ford sold its first car, and you probably know the rest of the story.

Finally, he created Ford Motor Company and nearly ran out of cash in that venture before it became successful. It's interesting to note that he was 40 when he founded Ford Motor Co., proving that it's never too late for a second (or third) chance. 

Henry John Heinz

The founder of the now-famous condiment manufacturer, started his company in 1869 selling horseradish, pickles, sauerkraut and vinegar. In 1875 the company filed for bankruptcy due to an unexpected bumper harvest which the company could not keep up with and could not meet its payroll obligations. He immediately started a new company and introduced a new condiment, tomato ketchup, to the market.

Milton Snavely Hershey

This founder of Hershey's chocolate started four candy companies that failed and filed bankruptcy before starting what is now Hershey's Foods Corporation. Mr. Hershey had only a 4th grade education, but was certain he could make a good product that the public would want to purchase. His fifth attempt was clearly successful.

P.T. Barnum

Failed in various business ventures, leading to bankruptcy, before eventually attaining success with his circus, "The Greatest Show On Earth."

U.S. Presidents who filed bankruptcy:  

William McKinley went bankrupt while serving as Ohio’s governor in 1893; he was $130,000 in the red.  He went on to win the White House just three years later.

Ulysses S. Grant went bankrupt after leaving office when a partner in an investment-banking venture swindled him.

Thomas Jefferson filed for bankruptcy several times, including after leaving office.

While we’re at it, here is a short list of sports and entertainment stars who have filed for bankruptcy:

NOTICE: This site is not offering legal advice and nothing on it should be considered to be legal advice. The information on this site is being offered only for educational purposes. If you are considering bankruptcy, you should consult with a licensed attorney who regularly represents clients in bankruptcy and allow them to review your circumstances and advise you accordingly.

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 Requires the following notice:
We are a Debt Relief Agency. We help people file for bankruptcy relief under the Bankruptcy Code. This web site is not an offer to provide bankruptcy assistance services to any assisted person as defined under Section 527(a)(2) of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.