Dionne Warwick’s Bankruptcy

"Take control. Burying your head in the sand never works." Singer Dionne Warwick led bankruptcy in 2013 after several consecutive years of tax troubles that resulted in a $7 million tax bill to the federal government and a $3 million tax bill to the State of California. How does a person end up with a $10 million tax liability? It’s simple: Interest and penalties. Though Warwick said she eventually paid the Read More

George McGovern’s Bankruptcy

"When you make a choice to shift your thinking about your bankruptcy, you will likely extract a number of lessons that make you wiser and stronger in the years ahead." George McGovern, who died in 2012, was the Democratic Party’s 1972 presidential nominee, as well as a U.S. Representative and U.S. Senator. In 1972, McGovern lost the presidential election to Richard Nixon, and by a landslide. Perhaps this Read More

Henry Ford’s Bankruptcy

"You will not recover from bankruptcy; you will recover through bankruptcy." Henry Ford, the great entrepreneur responsible for Ford Motor Company, declared bankruptcy ... twice. Before finding Ford Motor Company, Henry Ford, along with financial backing from Detroit Mayor William Maybury, William H. Murphy, and Senator Thomas W. Palmer, founded the Detroit Automobile Company. What happened next is up for Read More

Larry King’s Bankruptcy

"If you are a candidate for bankruptcy, declaring bankruptcy might be the best thing you can do for your life." Here’s an interesting experiment: Consider the best thing that has ever happened to you. Perhaps it is meeting your significant other, or having your children, or landing your dream job. Now consider this question: Would my life have been blessed with this “one thing” without some crisis that Read More

P.T. Barnum’s Bankruptcy

"Your bankruptcy is dull compared to what is going on in the world, and it won’t make the nightly news." P.T. Barnum was an American politician, showman, and businessman remembered for the Barnum & Bailey Circus. In 1856, after making a series of loans to help develop a city in Connecticut, Barnum was forced to declare bankruptcy. The litigation lasted four years, during which time more than a few Read More

Henry John Heinz’s Bankruptcy

"Sometimes, we are forced into bankruptcy not because we mismanaged money, but because life isn’t always fair or kind." The great advice-columnist Ann Landers once said, “Expect trouble as an inevitable part of life and repeat to yourself, the most comforting words of all; this, too, shall pass.” This, too, shall pass. Surely, Henry John Heinz must have muttered a similar sentiment to himself when he Read More

Cyndi Lauper’s Bankruptcy

"Bankruptcy sounds bad, but in reality, people who have declared bankruptcy say that it was their lifeline." It’s hard to imagine how someone making as much money as Burt Reynolds could ever declare bankruptcy, so here is a story that might be more relatable. In 1980, Cyndi Lauper was a struggling musician in a band called Blue Angel. The band’s first and only album was a giant op. Adding insult to Read More

Burt Reynolds’ Bankruptcy

"When a person declares bankruptcy, he or she is given an opportunity to set the course right." In 1996, seventies-heartthrob Burt Reynolds declared bankruptcy, listing $6.65 million in assets and $11.2 million in debts. Let that sink in: He declared $11.2 million in debts. Beyond that, his bankruptcy was common knowledge, and it fell on the heels of a divorce that was heavily publicized and that resulted in Read More

Abraham Lincoln’s Bankruptcy

"Your bankruptcy is only one part of your life, and it is a crisis only if you allow it to be." Abraham Lincoln is best known for ending slavery in the United States, but what you might not know is that prior to becoming the sixteenth President of the United States in 1861, he was co-owner of a general store. In the early 1830s, Lincoln and his partner purchased inventory for their store on credit, only to Read More

What Can I Keep?: 5 Important Chapter 7 Bankruptcy Exemptions in Alabama

Getting into more debt than you can handle is a fairly common occurrence for people these days, and there is a light at the end of the tunnel even in the worst of situations. When your income is not sufficient enough to pay your debts in a timely and productive fashion, you have the option of filing for Chapter 7 bankruptcy. In the state of Alabama, the process is fairly straightforward and can even allow you to keep Read More