Credit Crunch

Famous Bankrupts

In these days of the credit crunch a lot of people are struggling financially, many may evan face losing their homes, some may be considering bankruptcy but bankruptcy does’nt mean your some kind of social outcast.

Having money troubles now is not the end of the world, even banks are going bankrupt or having to be bailed out by tax payers, heres some famous people who have suffered bankruptcy, some of them have even made their fortunes after it.

Walt Disney – Disney founded his first company in 1921 with $15,000 from investors, the company was called  The Laugh-O-Gram Corp, two years later when his investors pulled out due to distribution problems. Disney had to go bankrupt. His next company did slightly better.

Rembrandt - Filed for bankruptcy at the age of 50 in 1656. Many of Rembrandt’s paintings and his house were auctioned of. After his bankruptcy, he continued to paint but was not allowed to sell his works directly to the public.

Rembrandt overcame this law by having his son take over his business and sell his paintings for him.

Donald Trump - The Billionaire Donald Trump has been close to or filed for bankruptcy on numerous occassions, in 1991 he declared business insolvency and had $900 Million in personal debts.

Just one year after that November 2, 1992, the Trump Plaza Hotel was forced to declare bankruptcy. The serial bankrupt has been forced to give up shares in his companies or sell assets at least 3 times.

Micheal Jackson - First Michaels parents went bankrupt with debts totalling $45 Million, then most of his brothers and sisters went bankrupt, now many people believe Micheal Jackson himself is bankrupt after struggling to live on just $1 Million a month his Neverland ranch was famously repossed.

Micheal Jackson net worth is still thought to be nearly $1 Billion however.