Financial problems strike the rich and famous, too.
Watching all the glitz and glamor of Academy Awards recently I was struck by the thought that celebrities may be much like many Virginians. They, too, have run into overwhelming debt and filed for personal bankruptcy.
Walt Disney filed in the 1920s before finding stunning success with Mickey Mouse. Kim Basinger, after backing out of a verbal commitment to star in Boxing Helena, found herself $8.1 million in debt and filed for bankruptcy protection.
Cyndi Lauper was $80,000 in debt in 1980 after being sued by her manager. Her album, Girls Just Wanna Have Fun, got her career back on track again. Now she’s riding the crest with Kinky Boots on Broadway. Burt Reynolds, filed for bankruptcy protection in 1996 before his career recovered with Boogie Nights.
Donald Trump’s companies filed in 1991,1992, 2004 and 2009; boxer Mike Tyson in 2003 and rapper M.C. Hammer in 1996.
Honest Abe Lincoln was declared bankrupt in 1833 owing $352,000. Over the next 17 years he paid the debt back – about $9.6 million in 2014 dollars!
I also know a non celebrity who went broke in 1987 – me! So I know first hand the torture that debt can cause.
My takeaway from this history is that bankruptcy allows people to get out from under crushing debt, which is often not their fault, and move ahead to success.
If you’re tortured by overwhelming debt, call Boleman Law today. We offer everyone a FREE Consultation with a skilled, experienced attorney to discuss your options and plan the best legal solutions.
As Virginia’s largest consumer bankruptcy law firm, we have helped over 140,000 people since 1991.
