Filing Bankruptcy Does Not Bar Success
For many people, the idea of filing bankruptcy conjures up ideas of business or personal failure. However, bankruptcy has existed for decades as a means for people to put debt behind them, learn from their mistakes, and forge ahead. Bankruptcy is a safety net and serves an important economic function.
Donald Trump is a modern day, high profile celebrity and business mogul who wields a lot of power in the business world. According to a Forbes magazine 2011 article, Donald Trump claims he is worth around seven billion dollars.
No one would consider a man with this amount of net worth a financial failure. Yet through various companies in his name, Donald Trump has filed bankruptcy four times. ABC News (http://abcnews.go.com/Politics/donald-trump-filed-bankruptcy-times/story?id=13419250) reported the following Trump bankruptcies:
- 1991 Chapter 11 Bankruptcy of the Atlantic City casino, the Taj Mahal
- 1992 Chapter 11 Trump Plaza Hotel in Atlantic City
- 2004 Chapter 11 Trump Hotels and Casino Resorts Inc.
- 2009 Chapter 11 Trump Entertainment and affiliated companies
Other famous bankruptcies
Other well known Americans who filed bankruptcies and went on to become successful politically or financially include:
- Abraham Lincoln, Sixteenth President of the United States
- Henry Ford, Founder of Ford Motor Company
- Walt Disney, Founder of the Walt Disney Company
- Milton Hershey, Founder of the Hershey Chocolate Company
- H.J. Heinz, Founder of the H.J. Heinz Company that manufactures Heinz ketchup
Much can be said for persistence, and perhaps this quote from Thomas Edison reflects the winning attitude that many high-achievers take to heart:
I have not failed. I've just found 10,000 ways that won't work.
If struggling with financial debt, consider consulting an experienced bankruptcy attorney.