10 Famous People Who Went Bankrupt But Made It Again

If you are thinking that your financial situation can never be revived once you’re broke, then think again. It is always possible to turn things around as many well-known personalities have already proven this.

These 10 famous personalities have transformed their lives after declaring bankruptcy and so can you.

Abraham Lincoln

10. Abraham Lincoln

The 16th President of the United States had filed for bankruptcy in 1833 as he failed miserably at a business venture. However, thanks to his high standing, Abraham Lincoln was given 17 years to repay his creditors and he did it.

Mark Twain

9. Mark Twain

Mark Twain, the famous author, lost almost everything that he earned with his investment in typesetting machine called Paige Compositor. In spite of being compelled to file for bankruptcy, Mark gave several lectures to get rid of his debts. For 4 years, Mark lectured in almost important city in Europe, and wrote several popular books including Equator & Pedd’nhead Wilson.

Larry King

8. Larry King

The famous talk show host, Larry King declared bankruptcy not once but twice i.e. in 1960 and 1978 as his debts got as high as $352,000. But after that, he turned his fortunes around by signing a contract with CNN for Larry King Live.

Walt Disney

7. Walt Disney

Another legend, Walt Disney was forced to file for bankruptcy in 1920 as his biggest client filed for bankruptcy. However, after few years, Walt launched a new company and created Mickey Mouse in 1928, which brought him financial freedom.

Toni Braxton

6. Toni Braxton

Tony Braxton sold over 15 million albums at the top of her career. But that didn’t stop her from filing for bankruptcy in 1998. It was reported that she had $3.9 million debt to repay and her entire property and valuables were sold to recoup the money. Braxton soon bounced back by signing up $25 million contract with LaFace.

Kim Basinger

5. Kim Basinger

Kim Basinger, one of the highest earning Hollywood actors, lost all her money when she bought a complete town of Braselton in Georgia. Kim was sued for pulling out of a film after signing it and she failed to repay the amount even after selling her town. Kim bounced back from the horrible experience, got married to Alec Baldwin and bagged roles in several successful movies including LA Confidential.

Burt Reynolds

4. Burt Reynolds

The actor had accumulated nearly $10 million in debt at the time of his decadent days and filed for bankruptcy soon after he divorced Loni Anderson. He was compelled to sell all his assets including his ranch and dinner theatre but he continued acting, this time with more passion. His efforts paid off by winning the Best Supporting Actor Golden Globe for his Boogie Nights role.

Henry Ford

3. Henry Ford

The automobile giant, Henry Ford literally refused to fail even though his first two companies failed to kick start and lead him to bankruptcy. His third company, Ford was launched in 1903 and made him a multi-millionaire almost over a night.

Mickey Rooney

2. Mickey Rooney

The veteran movie star filed for bankruptcy as he owed $1.75 million to IRS. In spite of this major financial setback, he held back to his profession, did several movies, TV shows, etc. even today.

Willie Nelson

1. Willie Nelson

Even though Willie Nelson was one of the most popular names in country music and selling over 50 million albums, he filed bankruptcy in 1997 as he have debts amounting to  $16.7 million back in Taxes. All his assets including his Texas ranch were auctioned. He got back in track by launching “The IRS Tapes: Who Will Buy My Memories?” and repaid all his debts.