Keeping up with daily finances can be a challenge for many people. Due to a variety of financial setbacks, which often include job losses, unforeseen expenses, or general economic setbacks, some people may find that they are in a financial position that they cannot get out of. In some cases, the best option may be to file for bankruptcy.
While bankruptcy may have a negative stigma attached to it, filing is often the best situation for many people. There are a lot of examples of people that did file for bankruptcy, were able to reorganize their financial lives, and then went on to have very successful careers.
Walt Disney is possibly the most iconic person in the history of entertainment. Disney started his career as a local filmmaker and tried to build his own brand too quickly. He ended up accumulating a lot of bills that he could not repay. Disney ended up losing out on a couple of big contracts, which forced him to file bankruptcy both personally and in his business. Ultimately, he was able to restructure his business and he was able to create the business that is still in existence nearly 100 years later.
Henry Ford will always be known as being the manufacturer and developer of the modern day car. In 1899 Ford started his first company, which was the Detroit Automobile Company. This car company had a great concept, but may have been ahead of its time. Ultimately, the company folded and Ford had to declare bankruptcy. Ford ended up clearing his debts and started the Ford Motor Company in 1901, which quickly became the national leader in car production.
Mike Tyson may be one of the best boxers of all time, but he has struggled financially. Over the course of his fighting career, Tyson made over $400 million. However, he had a string of legal issues and had a habit of overspending and he quickly went through his fortune. Tyson ultimately was forced to file for bankruptcy and most of his assets were liquidated. Tyson now is still active in the entertainment industry and has been able to achieve financial freedom again.
Marvin Gaye is best known for his musical career, which allowed him to make a lot of money in the 1960s and 1970s. Unfortunately, he ended up overspending and he had to file for bankruptcy. After going through he process, he was able to restructure his financial life and control spending. While he passed away over 30 years ago, Marvin Gaye’s estate is still earning money today and has a net worth in excess of $5 million.