Did you know that thousands of people begin the process of filing for bankruptcy every day? Unfortunately, because of the negative social stigma that’s associated with filing for bankruptcy, many Americans don’t consider the process, even if it’s in their financial best interest. The truth is that bankruptcy is a powerful tool to help debtors recover financially as long as they practice incredible money management afterwards. If you’re deciding whether filing for bankruptcy is the right option for you, then consider how a bankruptcy helped these American icons become successful.
How Filing for Bankruptcy Helped Entrepreneurs
It’s vital to understand that filing for bankruptcy itself isn’t the solution to your financial problems. Rather, it’s the money management after your fresh financial start that allows you to grow from the experience. Many people have enjoyed the new freedom that filing for bankruptcy provides. Here are some of the most notable examples:
Walt Disney. Disney actually went bankrupt several times before Disneyland was eventually built. His financial problems began when he found financial backers for his first animation company, Laugh-O-Gram Studio. When his backers went broke, Disney couldn’t afford to keep the studio running. After filing for bankruptcy, however, Disney exercised incredible money management that would allow him to recover and become a worldwide name.
Donald Trump. Though considered one of the richest men in the world, Donald Trump has had his fair share of money management issues. Trump – or the businesses associated with his name – has filed for bankruptcy four times. Now, with precise money management, Trump’s empire is worth $2.7 billion.
Abraham Lincoln. How ironic that the man that graces our currency had his own experience filing for bankruptcy. In 1832, Lincoln purchased a general store, but poor money management and the death of his partner left Lincoln liable for $1,000. However, Lincoln isn’t the only president who has been found filing for bankruptcy. Other presidents that filed include Thomas Jefferson and William McKinley. Fortunately for all of them, filing for bankruptcy provided a fresh financial start that allowed new money management to better their lives.