Celebrity Bankruptcies

Some would hesitate to file bankruptcy, believing it would be a shameful or immoral thing to do. It is certainly ideal to be independent and able to work ones own way out of financial trouble without the need of having to file bankruptcy. However, life throws many unexpected obstacles in our way. Sometimes the only way to recover from them is to make the decision to go ahead and file for bankruptcy. Even the rich and famous among us have had to declare bankruptcy in order to move forward to stardom or simply to get their life back on track. Walt Disney Walt Disney, prior to making some of the best known movies of all-time, owned an animation company called Laugh-O-Gram Studios. Laugh-O-Gram Studios had to declare bankruptcy due to its financial backer having gone out of business. After moving to California he ultimately created the Walt Disney Company and lead it to be one of the biggest entertainment companies in the world. Elton John Although at one time he was worth over $260 million, superstar musician Elton John declared bankruptcy. John's bankruptcy was necessitated by his having spent an estimated $2 million a month to support his extravagant lifestyle. In fact, BBC reported that his credit card bills alone averaged an estimated $400,000 a month! Larry King Talk-show host Larry King fell into debt over $350,000 after having been arrested for grand larceny and losing his job. Shortly after declaring bankruptcy, King began his late-night talk show which ultimately lead to his televised show on CNN. As the examples show, bankruptcy is not the end of the world. In reality, bankruptcy provides a fresh start and the ability to get ones life back on track and, if you play your cards right, you may just end up with your own famous success story. If you are considering filing for bankruptcy you will be addressing many issues concerning your decision to file bankruptcy and should consult with an experienced bankruptcy attorney immediately in order to protect your rights. For more information regarding your decision to file for bankruptcy or other bankruptcy law matters in New Jersey visit TheNJBankruptcyAttorney.com. This blog is for information purposes only and in no way is intended to replace the advice of an attorney regarding your specific matter. Our law firm is a debt relief agency and helps people file for bankruptcy relief.