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Celebrity Bankruptcy

CELEBRITY BANKRUPTCIES 1542 The first bankruptcy law was passed in England. The law was meant to give creditors some remedies against the debtors who did not pay their debts. Under this law, the debtors were viewed as quasi- criminals and were called "offenders." 1656 REMBRANDT HAREMENSZOON VAN RIJN The famous Dutch painter accumulated so much debt that he filed for bankruptcy. Many of his paintings and his house were sold at an auction. After the bankruptcy, he continued to paint, but was not allowed to sell his works directly to customers. He was able to circumvent this law by having his son take over his business and sell his paintings. 1833 ABRAHAM LINCOLN The 16th president of the United States bought a general store in 1832 and began accruing debt because of its dismal sales. He then spent 17 years paying off the money that he borrowed from friends to start the business. 1894 MARK TWAIN The distinguished American author lost most of his money investing in a worthless machine called the Paige Compositor, an automatic typesetting machine. He filed for bankruptcy and discharged all his debts, but was determined to repay them anyway, so he spent the next four years in Europe lecturing in order to do so. 1901 HENRY FORD O The famous automobile manufacturer had two prior companies that failed. The first company filed for bankruptcy, and the second ended because of a disagreement with his business partner. In June, 1903 he created a third company, the Ford Motor Company, with a cash investment of $28,000 that quickly dwindled to $223.65 a month later. Soon after, Ford sold its first car, and the rest is history. 1920 WALT DISNEY The celebrated cartoon creator was forced to file for bankruptcy after his main client of his new business filed bankruptcy. In 1923 he formed a new company with a loan from his parents and his brother. In 1928 he created the much-loved icon, "Mickey Mouse." 1962 MICKEY ROONEY The famous movie actor blames alcohol and gambling for the financial problems he suffered in the early 1960's. He owed the Internal Revenue Service $1.75 million, so he filed for bankruptey in 1962. After the bankruptcy he continued to act, and has had many roles in movies and television. 1960 LARRY KING The talk show host filed for bankruptcy in 1960 and then again in 1978. He said each time that he was deep in debt. 1988 1978 JERRY LEE LEWIS The famous rock n' roll star filed for bankruptey because of huge tax debts. The IRS seized his cars, furniture, baby grand piano, and even showed up at his concerts to collect ticket sales. He has since recovered from bankruptcy and still performs at live concerts. JOHNNY UNITAS The legendary Hall of Fame football quarterback was a great athlete, but a 1991 terrible businessman. Each of his business ventures, including bowling alleys, land deals, and restaurants, were unsuccessful. He filed for Chapter 11 bankruptcy in 1991. WAYNE NEWTON 1992 The Las Vegas entertainer filed for Chapter 11 Bankruptcy, listing more than $20 million in debt. A few years later he signed a new contract with Stardust Hotel, which reportedly pays him over $25 million per year for performing at the hotel 40 weeks out of the year. BURT REYNOLDS 1996 The movie actor filed for bankruptcy after his much publicized divorce from Loni Anderson. He was more than $10 million in debt. Since his bankruptcy, he has continued to act in movies and was awarded the Golden Globe for Best Supporting Actor in the film Boogie Nights. 2003 MIKE TYSON The professional boxer fought his way to to the top of the boxing world, becoming the youngest person to win and hold the title of heavyweight champion. It is estimated that he earned between $300 million and $400 million throughout his career, but he ended up filing for bankruptcy in 2003 as a result of poor money management. JOSE CANSECO The baseball star didn't file bankruptcy, but he did walk away from his mansion in California, which went into foreclosure after he stopped paying the $2.5 million 2008 mortgage. Canseco was one of the first celebrities to admit being caught up in the foreclosure crisis. 2004 DONALD TRUMP Trump's Atlantic City hotel & resort company filed Chapter 11 bankruptcy twice this decade in order to reorganize debts related to construction. The second time around in 2009, Trump stepped 2009 down from the board. Trump has since reached a deal to reacquire the company. Sources: 10-celebrity bankruptey decade/ 19/living/mfsuccessful.people.survived.bankruptcy 1 banknuptcy-henry-ford-debts? s=PM:LIVING google.html

Celebrity Bankruptcy

shared by IGEmp on Dec 28
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This infographic lists notable celebrity bankruptcies from 1656-2009. It shows which notable celebrity filed for bankruptcy for each year and what caused them to do so.


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