My old law firm had a book in the waiting room that listed 100 famous people who had filed bankruptcy and came back from it. Bankruptcy is awful, but it gets you to zero and lets you get on with your life, giving you a fresh start.
I was reading an article called “10 Famous People Who Went Bankrupt But Made It Again,” in MoneyReign.com, and it’s always fascinating that bankruptcy can happen to almost anyone, and literally anyone can recover from it.
Abraham Lincoln filed bankruptcy in 1833 because of a failed business venture. He still did okay!
Mark Twain filed bankruptcy after losing most of his money because of a single bad investment.
Larry King filed bankruptcy twice in his life, with his personal debts over $352,000 for his second filing in 1978.
Even Walt Disney filed in 1920. His creation of Mickey Mouse in 1928 sure turned things around for him.
Henry Ford filed bankruptcy after his first two companies failed. His third company is still around.
I will skip the actors and singers from the article, but it really can happen to anyone.
To add a Utah flair (even though Joseph Smith never made it to Utah in person), because even Joseph Smith and Hyrum Smith were forced into it by some fairly nasty creditors. They filed their bankruptcy cases on April 18, 1842, with Joseph listing $78,066.38 in creditors.
The events leading up to bankruptcy are awful and heart-wrenching, but bankruptcy itself isn’t that bad. After you file, you feel like a million pound weight has been lifted off of your shoulders. It really does offer a fresh start.