Bankruptcy Attorneys on Famous Bankruptcy Cases
As bankruptcy attorneys, lawyers and legal aid experts, the professional team at Groce & DeArmon have helped countless people in the Springfield, MO area with their finances. We know that many people feel isolated, alone and often even ashamed about having to file bankruptcy. We want to emphasize to you that there’s no reason for the stigma that hangs over bankruptcy.
In fact, a huge number well-known people – from celebrities to historical figures – and major businesses have filed bankruptcy. Our bankruptcy attorneys share a few with you, to show that there are for more, and far worse cases than yours.
There have been a number of high-profile cases that have seen major companies forced to file bankruptcy for a variety of reasons. Even long-established, successful businesses aren’t immune to debt.
Through shady financial dealings and undeclared debts, energy giant Enron was involved in a hugely publicized scandal in 2002 that led to their filing bankruptcy. The company eventually emerged from the scandal and are still in business today, but it took several years to recover.
While Enron serves as an example of crooked business practices leading to bankruptcy, Chrysler serves as a different take. The financial crisis that hit in 2007 and spread through 2009 had an effect on many major companies, and motor manufacturer Chrysler was hit hard enough that they were forced to declare bankruptcy. It would take Chrysler two years to recover.
Need something more relatable than major corporations? The list of celebrities who have filed for bankruptcy is practically endless, but these familiar faces might be easier to empathize with.
Burt Reynolds, star of movies such as Smokey & The Bandit, Deliverance, Boogie Nights, has remained an established name for decades. However, the 1980s saw Reynolds embroiled in a bitter divorce that led to $10 million debt by the mid-90s. His bankruptcy saw the loss of property and businesses, but the actor managed to recover with both his career and image intact.
Jerry Lee Lewis
Jerry Lee Lewis is still considered one of the pioneers of rock and roll. Best known for his hit Great Balls of Fire, Lewis was a cultural force through the 1950s and ‘60s, influencing later artists like The Rolling Stones and Elton John. In the late ‘80s however, Lewis filed for bankruptcy due to tax debt, having property seized as repayment.
It’s easy to associate celebrities with tumultuous personal lives and spiraling debt, no matter who they are. But, as bankruptcy attorneys, we know that anyone is susceptible to the risk of falling behind on their finance, so we have a few well-respected historical figures to share to show that it goes beyond even celebrity.
Mark Twain remains one of the most well-known and influential American writers to this day. Best known for The Adventures of Tom Sawyer and The Adventures of Huckleberry Finn, the author declared bankruptcy in the late 1890s after some misguided investments.
The bankruptcy attorneys and legal experts won’t blame you for being surprised to learn that Abraham Lincoln, the 16th President of the United States, once declared bankruptcy. Failed business ventures and debt payments were the cause of a long process of repayment for President Lincoln, which saw him paying for seventeen years.
Bankruptcy Attorneys and the Universal Nature of Debt
These are just a small handful of examples of famous people and major corporations being overwhelmed by their debts. As bankruptcy attorneys and lawyers, we wanted to demonstrate that bankruptcy has the potential to happen to anyone to alleviate any potential hesitation you might have. If you feel like you need help with your finances, contact Groce & DeArmon today.