Article I of the Constitution grants to Congress the power to establish uniform bankruptcy laws throughout the country. While initially a device for creditors to divide up a debtor’s assets, over time bankruptcy has become more debtor friendly and now it is means for debtors to obtain a fresh start free from burdensome debts. Unfortunately, while the purpose of bankruptcy has changed over time, the stigma of filing bankruptcy has still remained. While I don’t advocate intentionally or recklessly getting over your head in debt, I do certainly see the advantages to clients of being able to file bankruptcy when it’s in the clients best interest. Nothing can be more destructive to a family than to be crippled with overwhelming debt and no chance to save money for retirement. To help erase some of that stigma, I have listed famous people who have filed for bankruptcy. I do not list these names for purposes of ridicule but to point out that bankruptcy is there for both rich and poor, famous or infamous. Properly applied, bankruptcy can be a life preserver for those in need.
- Rapper 50 Cent
- Marvin Gaye
- Kim Basinger
- F. Lee Bailey
- Meat Loaf, the singer.
- Cyndi Lauper
- MC Hammer
- Francis Ford Coppola
- Larry King
- Curt Shilling
- Larry King
- Mike Tyson
- Dave Ramsey
- Walt Disney
- P.T. Barnum
- Mark Twain
- Henry John Heinz, of Heinz Ketchup fame
- Milton Hershey, of Hershey’s Chocolate fame
- Henry Ford
- J.C. Penney
- Mickey Rooney
- Debbie Reynolds
And there are many more that could be listed…
If you are over your head in debt and need help, please call my office for a free initial consultation. My firm is a debt relief agency, as provided under the Bankruptcy Code, and I assist debtors file for bankruptcy.
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