Many people struggle with the decision to file bankruptcy in Utah. If you are thinking about bankruptcy I am sure you have wondered can I bounce back after such an event. You’ve probably heard of numerous businesses or celebrities who have filed for bankruptcy over the years, but here is a list of six successful people that you may not have known went bankrupt:
Long before his profile was printed on the one-cent coin, Lincoln himself was pinching pennies. Almost three decades before becoming the 16th President of the United States, he had tried a business venture as an owner of a general store. When he saw that the shop wasn’t gaining revenue, he left the business, but became liable for the debt when his business partner died. Bankruptcy laws were different then, and Lincoln lost all of his assets and took the next decade or so to pay off the rest. Other U.S. Presidents who have filed for bankruptcy include Thomas Jefferson, Ulysses S. Grant, William McKinley, and Donald Trump.
Henry Ford took about four years to really get on his feet in the car production business. Some say that he was a perfectionist, and it’s true that he only made a handful of cars in the first two years of his initial business. After his first company went bankrupt and he left the second, he found lasting success in the Ford Motor Company, founded in 1903.
Few people are aware that the man with one of the most globally recognized names was once floundering financially. After being cheated by a distributor, Disney declared bankruptcy in 1923 and continued to struggle for the next five years until he created a certain cartoon mouse … and the rest is history.
After several failed candy ventures, including a bankruptcy around 1872, Hershey eventually found success in his Lancaster Caramel Company, which made it possible for him to sell the business for $1 million approximately 8 years later and focus on perfecting the milk chocolate recipe that is well known today.
As with Hershey, many of the general public are surprised to learn that such successful company founders had quite a rough start before striking gold. At just 25 years of age, Heinz started a horseradish company that didn’t do nearly as well as he and his two business partners had hoped. It went bankrupt in 1875, but a year later Heinz joined forces with his brother and cousin to start the company that makes ketchup and other condiments we are all familiar with today.
Given the intense popularity around the recent film The Greatest Showman, this one probably doesn’t come as a shock, but did you know that Barnum spent much of his borrowed money on real estate? Apparently he was attempting to encourage industrial development, specifically in Bridgeport, Connecticut, but got ahead of himself and had to declare bankruptcy in 1855. Later in life, after a long timeline of questionable ethical practices, he entered the circus business.
Sometimes you need the protection of the legal system in this country to get a do over. I find that most people by following some simple principles will thrive after bankruptcy. That is what we do at the Utah Bankruptcy Guy. Its our belief that tomorrow will be a better day and success is in your post bankruptcy future. We will give you the resources to come out of bankruptcy stronger and focused on a brighter tomorrow. Can I bounce back – of course you can!