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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.

Trump bankruptcies

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.

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