You are considering bankruptcy.  You are intelligent, and responsible, but your financial situation may need the fresh start that bankruptcy protection provides.  Perhaps you have even consulted with a qualified bankruptcy attorney.  In Nassau and Suffolk counties, much as in the rest of the country, bankruptcies are on the rise, and along with that the general view of bankruptcy is softening.  If this is your situation, you may take some comfort in knowing that this is happening to very competent and careful people all over the country.  You are not alone.  In fact, very wealthy and powerful people have traveled down the path you may be treading, and sometimes it can help to know that you’re not the only one who has gone through this.  There’s no need for shame.  In fact, this might be a cause for a chuckle or two- or at the very least some inspiration.   

 

            Perhaps the most famous New Yorker to ever file bankruptcy was Donald Trump.  One of the world’s most well known and wealthy men has actually filed bankruptcy twice, squashing debts that totaled more than one billion dollars.  Despite two high profile bankruptcies, Trump is now back on top, and earning top profits. 

 

            Another very public series of bankruptcy proceedings were those against Willie Nelson.  Unlike most bankruptcies, Nelson was actually sued by his lenders in an attempt to force him into bankruptcy.  Because of badly mismanaged money issues, Nelson was not aware of his financial problems until the IRS raided his home and took literally everything he owned.  In a compassionate twist, Nelson’s friends and family purchased most of his auctioned items, and returned them to him.  Sympathy is easily gained for Nelson, considering one of his biggest problems was that he gave money away to virtually anyone who asked. 

 

            Remember MC Hammer?  You can’t touch this?  Well, apparently you can touch this, being that Hammer filed for bankruptcy in 1996.  A young rising star unaccustomed to success, Hammer indulged heavily in gambling, and had an enormous entourage that was dangerously financially draining.  In addition, Hammer faced a number of legal issues, and the resulting litigations, coupled with his exorbitant lifestyle, forced his eventual slide into bankruptcy.

 

            Mark Twain- one of our most renowned and cherished American figures, suffered horrible financial troubles in the latter part of the nineteenth century that led him into bankruptcy.  Twain had a very ambitious and creative mind, but made terrible investment decisions.  He poured millions of dollars into inventions that did not work, or had never even been tested.  His financial woes became so pronounced that he fled with his family to Europe to escape his creditors.  Even still, he became totally insolvent by 1894.  Eventually, he returned to the United States, and wrote a series of papers, books, and memoirs, and successfully repaid all of his creditors. 

 

            The Jackson family has a pattern of bankruptcies among its members.  Michael Jackson’s parents filed for bankruptcy, relieving themselves of $45 million in debts.  Four of their children followed suit.  Today, Michael is being sued by creditors to force his bankruptcy.  He currently owes about $200 million, but has successfully staved off bankruptcy proceedings by lowering his standard of living…very, very slightly. 

 

            Even American President’s can suffer serious financial setbacks.  Thomas Jefferson was declared bankrupt upon his death.  His estate management staff soon discovered that his penchant for wine (he died with an unpaid $10,000 wine bill) and his luxurious mansion and lifestyle had amounted unimaginable debts.  With his death, every item that Jefferson had owned was sold to pay his creditors- including the sale of 130 people.  (Slaves) 

 

            As you can see, a bankruptcy can happen to anyone, from any walk of life.  It doesn’t matter whether you are rich or poor, well-known or obscure- sometimes, these things happen.  However, as has been evidenced repeatedly throughout our history, many people recover from bankruptcy.  In fact, sometimes a bankruptcy can be the most beneficial thing you can do for yourself.  Not sure if that’s true in your case?  Then contact a professional bankruptcy attorney today, and bookmark this blog for more bankruptcy-related issues.      

 

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This entry was posted on Monday, November 10th, 2008 at 7:40 am and is filed under General Information, Long Island Bankruptcy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.