Filing for bankruptcy is something that should be taken seriously, but it’s not a process that anyone should feel ashamed of. On the contrary, deciding to file for bankruptcy is a courageous act that will help you deal with your financial issues, and overcome them.
To prove you that this is a situation that can happen to anyone, here are 11 famous bankruptcy cases involving famous people and well known companies.
1. Walt Disney Bankruptcy
Long before he became famous, Walt Disney was a struggling filmmaker who started his first film studio in 1920. Because of issues with his distributor, he had to file for bankruptcy in 1923.
Of course, that didn’t stop him from trying again and starting a new company. He created Mickey Mouse in 1928, and eventually reached success and became known around the world.
2. Donald Trump Bankruptcy
The President of the United States and businessman has had to file for bankruptcy 6 times. Although he has never filed for personal bankruptcy, he has filed chapter 11 bankruptcy for some of his casinos and hotels.
Although many people think these famous bankruptcy cases are a sign that he is not a good business manager, he claims they were part of a clever business strategy.
3. Meat Loaf Bankruptcy
Singer, songwriter and actor Michael Lee Aday, known by the name Meat Loaf, had to file for bankruptcy in the late 1980s. He got caught in a legal battle involving songwriter Jim Steinman and his record label, and the only way to get out of it was to file for bankruptcy.
After recovering from this situation, he went on to release more successful albums, and he has acted in a few movies.
4. Mike Tyson Bankruptcy
Former boxer and heavyweight world champion Mike Tyson earned a lot of money during his boxing career, but he had to file for bankruptcy in 2003.
His financial troubles were due to different debts totalling $23 million, and including a costly divorce settlement. After retiring from boxing, he has been involved in different projects, and even appeared in a few movies and television shows.
5. Kim Basinger Bankruptcy
Kim Basinger is an actress, a singer, and a former fashion model. She has been struggling with a few financial problems after buying some land in a small town in Georgia, and she was sued for pulling out of the title role of the controversial movie “Boxing Helena”.
As a result, she had to file for bankruptcy in the early 1990s, and eventually solved her financial issues.
6. Francis Ford Coppola Bankruptcy
Movie director, producer and screenwriter Francis Ford Coppola has filed for bankruptcy 3 times during the 1980s and early 1990s. He blamed his financial troubles on the failure of his 1981 musical “One From the Heart”.
His bankruptcies didn’t stop him from working on and releasing many other successful films, including “Bram Stoker’s Dracula” in 1992.
7. Debbie Reynolds Bankruptcy
Debbie Reynolds was a famous actress, singer and businesswoman who died in 2016. She was also known for being the mother of actress Carrie Fisher.
In 1992, she purchased Las Vegas’ Clarion Hotel and Casino, and renamed it the Debbie Reynolds Hollywood Hotel. It was not as successful as she hoped it would be, and she had to file for bankruptcy in 1997.
8. Larry King Bankruptcy
Larry King, born Lawrence Harvey Zeiger, is an American television and radio host. His first job in radio wasn’t enough to pay the bills, and he got fired after being arrested and charged with grand larceny in 1971.
His financial troubles forced him to file for bankruptcy in 1978, not long before he was offered his first show on CNN, the one that really helped launch his career.
9. Delta Air Lines Bankruptcy
Delta Air Lines, an American airline based in Atlanta, Georgia, is one of the largest airlines in the world. It was founded in 1924, and in 2005, after a long period of financial difficulties, it had to file for bankruptcy.
Fortunately, Delta Air Lines emerged from bankruptcy in 2007, and has completed a successful merger with Northwest Airlines.
10. Chrysler Bankruptcy
Chrysler, established in 1925, is one of the biggest automobile manufacturers in the United States. President Obama forced the company to declare bankruptcy in 2009, due to the financial crisis that was threatening the company and others in the industry.
After a partnership with Italian automobile manufacturer Fiat, and a few years after filing for bankruptcy, Chrysler became profitable again.
11. General Motors Bankruptcy
General Motors, another well known American automobile manufacturer that was founded in 1908, also had to file for government backed chapter 11 bankruptcy due to the financial crisis of 2009.
After approximately one month, the company emerged from bankruptcy, the government invested in its growth, and it slowly went back on the right track to become profitable again.