Can I find success after declaring bankruptcy?
You may be surprised to learn that some of the wealthiest, most successful people of our era have declared bankruptcy at some point in their lives. Bankruptcy should never be viewed as failure; rather, it should be thought of as a means to a fresh financial start. Our Beavercreek, Ohio Chapter 7 bankruptcy lawyers take a look at some famous individuals who went from bankruptcy to millionaires.
- Henry Ford: Henry Ford is one of the greatest innovators of the late 19th to early 20th centuries. Despite his reputation for success, Ford initially encountered many obstacles. Ford’s first car plant failed and he was forced to file for bankruptcy. It took him some time to get it right, but his later Ford Motor Company met with much wealth and success.
- Richelle Shaw: Shaw started out working at a telephone company in Las Vegas. She grew the company to revenues of over $36 million, but after 9/11 the business faltered and Shaw was stuck with nearly three million in personal debt. She declared bankruptcy and just months later started a new company that was soon worth millions. She has now authored several books aimed at assisting business owners with their finances, including “The Million Dollar Equation.”
- Walt Disney: Disney’s name is now synonymous with success, but early on he faltered. Disney’s first studio failed and he went bankrupt in 1923. He left Kansas City for Hollywood, and later developed his character Mickey Mouse, who continues to bring in billions in revenue today.
- Donald Trump: The current President of the United States is no stranger to bankruptcy. Trump is currently estimated to be worth over three billion, but he is also believed to have declared Chapter 11 bankruptcy between four and six times for various companies. Trump remained undaunted and went on to become the President.
As these famous and successful people illustrate, declaring bankruptcy is not the end of the road for you. Contact a bankruptcy attorney today to find out if declaring bankruptcy could be your next step towards attaining financial success.