Many
people are often embarrassed to admit they have filed for bankruptcy. Others
feel like a complete failure, believing that there is no light at the end of
the tunnel. While bankruptcy can certainly be an extremely stressful time in
your life, I wanted to take the time today to share how it is not the end of
the world, and happens to more people than you think – even famous celebrities.
The lessons learned from their filings can help you see your bankruptcy filing
from a different perspective.
There are many notable people who have filed for bankruptcy. I’d like to share a few with you, and the lessons that they learned, and how they can be applicable to your situation.
- Walt Disney
Prior to the creation of Walt Disney World and its many affiliates, Walt Disney’s first animation studio failed and the financial backer went broke. After filing for bankruptcy, Disney would go on to create the global brand we all know and love today.
- Toni Braxton
Toni Braxton filed for Chapter 7 Bankruptcy twice. After having to file her second bankruptcy 12 years after the first, she learned that planning for the bad times when things were good would benefit her, and her label in the long run. It is always smart to have some savings set aside should any emergencies or hard times occur.
- Milton Hershey
Hershey’s candy bars that we know so well and eat so many of would never have existed if Milton Hershey had given up when the going got tough. He had not one, not two, but four failed candy companies before filing for bankruptcy and using his fresh start to establish the now successful Hershey’s Food Corporation.
- Henry John Heinz
Henry John Heinz established a successful condiment company that helps add flavor to many of the food items we indulge in. However, when poor harvest conditions occurred and his company was overwhelmed, Heinz had to file for bankruptcy. He used his fresh start by introducing a new, and now beloved condiment, ketchup. What would we put on our fries if he had just thrown the towel in and given up?
- Sam Walton
Did you know that Sam Walton is the
founder of the largest company in the world? Walmart would have never existed
if Walton had given up after his first store, Ben Franklin, went under causing
him to file for bankruptcy. Instead, he took this opportunity to build the
largest retail chain and go on to become the largest employer in the world. The
road was not easy, but through perseverance Walton would create a company that
is known globally.
The main takeaway? Don’t
give up on yourself. See this time as a fresh start for you, and like the many
celebrities above, use it as a chance to rebuild or explore a new venture – you
never know what could happen!
At the end of the day,
bankruptcy is not as scary as it seems. You may feel anxious, uncertain, and
upset, but it is important to remember that you are not alone, and when you
work with Marcie Baker she will guide you every step of the way. We will strive
to provide the best assistance that we can for your case to make sure an
outcome that is favorable for everyone can be achieved.
***This blog is meant to be informational only. None
of the facts or stories stated above constitute legal advice and I have
attributed the proper sources for the facts stated. Should you have any
questions regarding filing Chapter 7 Bankruptcy, please do not hesitate to
contact Marcie Baker to schedule your free consultation
Sources: https://www.helloresolve.com/bankruptcy/7-celebrity-bankruptcies-and-what-you-can-learn-from-them/
https://www.michiganbankruptcyfirm.com/debt-relief-resources/famous-cases-of-bankruptcy/
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