Bankruptcy can shame anyone into a corner for sure. With unstable economic conditions, bankruptcy may be an option you will have to consider in the near future if you already haven't done so. It may come to your surprise but despite an individual's income, bankruptcy may just be around the corner. Bills, loans, and debts aren't going anywhere anytime soon causing people to fall behind and drown in debt.
This is so common that there is a list of celebrities that have filed for bankruptcy. The list may surprise you, but here are a few well-known names:
Mike Tyson
The national heavy-weight champion who earned a total of $400 million in his career, filed for bankruptcy claiming $27 million in debts. With his debts portraying poor money management, which everyone was made aware of throughout his career, he is still a credible representation of bankruptcy.
Walt Disney
The animation king, Walt Disney, declared bankruptcy many moons ago, but that doesn't make it a story not to tell. After starting his first company Laugh-O-Gram Studio, he found it hard to pay his bills and pay his employees causing him to file bankruptcy. Just as you can't have a rainbow without the rain storm, if this never happened to Walt then we wouldn't have Disney, the company that created the extremely lovable mouse, Mickey.
Larry King
The story of Larry King's bankruptcy is all too famous but still worthy of sharing again. Early in his career King racked up $350,000 of debt causing him to file for bankruptcy in 1978. Fortunately, for him that was the same year his career took off as radio personality.
Tony Gwynn
The ball player for the San Diego Padres known for his total career hits and eight batting titles filed bankruptcy in 1987 with his wife Alicia. He claimed all his liabilities at $1,470,00 and his assets at $690,150. He made $700,000 that year playing for the Padres.
Michael Vick
The star NFL QuarterBack has had a couple struggles throughout his career with one of them being bankruptcy debts. He has $20 million in debts owed to creditors that he is now promising to pay back to help settle the bankruptcy claims against him in the courts. Most of these debts were built up during his time in prison where he was stripped of his sponsorships and salary.
Michael Jackson
In 2007 the king of pop filed for bankruptcy on a $25 million loan on his home that he was not able to repay, Neverland Ranch. Although his "ranch" was much more expensive to run than an average home he still over exposed his finances where it later caused him to file for bankruptcy.
Bankruptcy can happen to anyone. Don't be ashamed if it happens to you. Think of it as a longer road to financial freedom.
Paul Baltrun is a mortgage specialist in West Palm Beach, FL with over 20 years of experience. He understands that debt is not going away anytime soon. If you live in the west palm beach area and are considering bankruptcy please visit kraskerlaw.com. If you are just looking for general information on foreclosure defense, bankruptcy, and loan modifications feel free to check out my blog.