Walt Disney’s Bankruptcy

"When you declare bankruptcy, you simultaneously pave the way for the best of yourself to emerge." If Mark Twain’s story teaches us that bankruptcy does not diminish a person’s strengths, Walt Disney’s story teaches us that a person’s strengths might actually rise to the surface because of bankruptcy. In 1922, Disney and a partner launched Laugh-O-Gram, a studio that created advertisements and cartoons. The Read More

Mark Twain’s Bankruptcy

"Whether you le for bankruptcy or not, your strengths are still your strengths." Samuel Langhorne Clemens, also known by his pen name Mark Twain, is perhaps best known for writing Adventures of Huckleberry Finn, which has been called “The Great American Novel.” Twain enjoyed financial success from his writings and lectures, but he lost money in business ventures. Specifically, he attempted to create his own Read More

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