If you’re worried that filing for bankruptcy will hurt your reputation and harm your chances of being successful in the future, perhaps this article is for you.
While no one dreams of ever having to file for bankruptcy, sometimes, the circumstances call for it. Like when a person’s debt has piled so high that they can’t seem to find a way to dig themselves out of it. Although many associate filing for bankruptcy as being something negative, there are actually many benefits to filing for it given you are eligible.
The first thing you must understand is that filing for bankruptcy isn’t for everyone, but it can definitely help get you on the right track if you are drowning in debt or your business has taken a major financial hit. And while most assume their opportunities will fade away once they agree to follow through with the filing, you should know that there are plenty of well-known individuals who filed for bankruptcy before and even after their careers took off.
Want to know who they are?
Here are a few famous people who managed to come out on top even after they had to file for bankruptcy.
- Walt Disney. After Disney formed Laugh-O-Gram Studio in 1920, he obtained a financial backer and “began building a staff of animators,” according to Forbes. Unfortunately, his financial backer later went broke leaving “Disney unable to pay his animators or his debts.” In 1921, Disney’s company had to file for bankruptcy. After Disney acquired a loan from family in 1923, he started a new company, and then in 1928, he created Mickey Mouse. Disney’s career only went uphill from there.
- George Foreman. After Foreman retired from boxing, he became an ordained Christian minister and even started a youth center for “troubled children.” Unfortunately, Foreman’s income was on a steady decline and he later filed for bankruptcy in 1983. After that, Foreman went back to the boxing ring and continued operating his youth center. In 1997, he finally retired from boxing, says Forbes. In 2019, Forbes cited that his estimated net worth was $300 million.
- Donald Trump. Although Trump has never filed for personal bankruptcy, a few of his companies filed for Chapter 11 bankruptcy, “which [allows] a company to stay in business while shedding debt it owes to banks, employees and suppliers” [Source: CNN]. In fact, when Trump was asked whether he had filed for bankruptcy, he replied, I have used the laws of this country… the [bankruptcy] chapter laws, to do a great job for my company, for myself, for my employees, for my family.”
Now, if you would like to learn more about filing for bankruptcy is Tulsa, OK and would like to see if your circumstances qualify you to file for it, it’s time you contact the Henson Law Firm, PLLC. The OK bankruptcy lawyers at this firm can assess your situation and determine how filing for bankruptcy can help you clear your name from some or all of the debt you have acquired or save your business from having to close.
The Henson Law Firm, PLLC is located at:
601 S. Boulder, Suite 600
Tulsa, OK 74119
*We are a debt relief law firm in Tulsa, Oklahoma.
*We help people file for bankruptcy relief under the Bankruptcy Code.