Business

Chapter 7 or Chapter 12 – Which do you choose?

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trump clan

Donald Trump and his three adult children. 

Donald Trump would like for you to think of luxury accommodations and upscale office buildings at the mere mention of his family name.  The Don also is one of many celebrities who have filed multiple bankruptcies. In the case of Trump, his companies have filed four times for bankruptcy protection from creditors. According to a list published by New York State Bankruptcy Attorney Craig Humpleby (http://www.nysbankruptcy.com), Donald Trump is a one of many celebrities that achieve great success after they received debt relief.

POLITICIANS

Politicians may be tasked with spending the people’s money, but they have their fair share of issues when managing their own.  The list of Presidents who chose to file bankruptcies includes former Presidents Abraham Lincoln, Thomas Jefferson, Ulysses S. Grant and William McKinley.  Other politicians who filed include US Senator George McGovern, Former Texas Governor and US Treasury Secretary John Connally.

BUSINESS

In the world of business, many visionaries took a side step before going forward. Well respected successes including, Henry Ford, P.T. Barnum, H.J. Heinz all had to declare bankruptcy. Creative giants including Walt Disney, Oscar Wilde, Mark Twain,  and designer Gloria Vanderbilt have also done so.

CELEBRITIES

While actors, singers and personalities are best known for their climb up the ladder of success, many others have had to come down several rungs.  The long list also included funny guys Jerry Lewis, Redd Foxx and Jackie Mason; actresses Lorraine Bracco, Kim Bassinger, and Debbie Reynolds; songstresses Toni Braxton, Chaka Kahn, Cindy Lauper and Latoya Jackson; singers M.C. Hammer, Merle Haggard, Tom Petty and David Crosby. Tough guys including John Wayne, Ted Nugent and Mike Tyson have gone before the judge.   Beloved performers including Mickey Rooney (twice), Gary Coleman, and Dorothy Hamel also filed the forms.

While the idea of filing bankruptcy is not a joyous option, it is a financial tool which allows individuals and families an ability to regroup and go forward with their lives.

 

— From http://www.nysbankruptcy.com

— Photo: http://www.trump.com/Press_Room/Press_Room.asp

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