Famous People Who Used Bankruptcy
From presidents to pop stars, entrepreneurs to athletes — bankruptcy has helped countless successful people get a fresh start. If you're considering Chapter 7, 11, or 13 in California, these examples show that filing is a legal recovery tool, not the end.
Considering bankruptcy yourself? Learn about your options:
Business Leaders
15Walt Disney
"When his first animation studio, Laugh-O-Gram, went bankrupt, Disney was so broke he reportedly survived on dog food. Five years later, he created Mickey Mouse and built the entertainment empire that bears his name today."
Lost everything when his Kansas City distributor cheated him out of money, forcing Laugh-O-Gram Studios into bankruptcy at age 21.
Created Mickey Mouse in 1928, founded Disney Studios, built theme parks, and created a multi-billion dollar entertainment empire now worth over $200 billion.
Donald Trump
Henry Ford
"Before revolutionizing the automobile industry, Henry Ford failed twice. His first two car companies went bankrupt, leaving investors furious. His third attempt became the Ford Motor Company."
His Detroit Automobile Company (1899) and Henry Ford Company (1901) both failed due to his obsession with perfection over production.
Founded Ford Motor Company in 1903, introduced the assembly line, and made cars affordable for everyday Americans, becoming one of the richest people in history.
Milton Hershey
H.J. Heinz
J.C. Penney
P.T. Barnum
William Fox
Conrad Hilton
William McKinley (Father)
Macy's R.H. Macy
Dave Ramsey
Robert Kiyosaki
Larry King
George Foreman
Presidents & Politicians
6
Abraham Lincoln
"Before becoming America's greatest president, Lincoln's general store failed, leaving him with debts he called 'the National Debt.' It took him 17 years to pay it off, but he never gave up."
His general store in New Salem, Illinois failed when his business partner died, leaving Lincoln responsible for all debts totaling over $1,000 (equivalent to ~$35,000 today).
Became a self-taught lawyer, served in Congress, and was elected the 16th President, leading the nation through the Civil War and abolishing slavery.
Ulysses S. Grant
Thomas Jefferson
William McKinley
John Connally
George McGovern
Considering Bankruptcy Yourself?
Totaro & Shanahan, LLP has helped Californians in Los Angeles and Orange County file Chapter 7, Chapter 11, and Chapter 13 cases since 1983. Talk to a bankruptcy attorney about your options.
They Got a Fresh Start. Why Not You?
Bankruptcy is a legal tool designed to give hardworking people and businesses a second chance. If these successful individuals could overcome financial setbacks, so can you.
*Note: This list is provided for educational purposes. Bankruptcy outcomes vary based on individual circumstances.
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