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Bankruptcy even gave some celebrities a path for a fresh start

Filing a bankruptcy in Florida or elsewhere is not the end of the line or the ultimate personal tragedy. Some of the most famous and influential people, including some of the greatest entertainers and actors, have filed bankruptcy and roared back to a life of economic success. The justifying theory behind the federal bankruptcy laws are to give people a second chance for financial security after they have fallen deep into economic difficulties. The slate is wiped clean in many instances and the individual or married couple can get a fresh start.

Some celebrities who have filed bankruptcy and come roaring back are Larry King, Kim Basinger, Meat Loaf, Isaac Hayes, Cyndi Lauper, Marvin Gaye and 50 Cent. Even the venerable author and satirist, Mark Twain, had to file to consolidate his position. The country's current president, Donald Trump, filed several business bankruptcies for his corporations.

The rap and hip-hop artist, 50 Cent, was named by Forbes in 2015 to be one of the top five wealthiest artists in his genre. He filed for bankruptcy protection due to bad investments and a big lawsuit. In the Chapter 11 personal filing, he got plan approval to reorganize his finances and pay off some $23 million in debt.

Many other celebrities at the top of their fields and earning big incomes came close to financial destruction but fought their way back to security and success. A few of these are Will Smith, George Forman, Martha Stewart, Robert Downey, Jr. and even Oprah Winfrey. The essential point is that even the richest and most powerful celebrities have had to face serious personal financial setbacks. The critical question is whether one will persist in moving forward long enough to get back on one's feet. For those living in Florida, the best way to learn if bankruptcy is legally available and to discuss the nature of any advantages or disadvantages, is to obtain a free consultation with an experienced consumer bankruptcy attorney.

Source: cheatsheet.com, "These Celebrities Faced Bankruptcy and Personal Ruin, But Roared Back", Sam Becker, Aug. 13, 2017

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