Iowa Bankruptcy Guide

Chapter IX - Famous & Bankruptcy

We each tend to feel like the lone ranger when we go through bankruptcy. But you are not alone. Reflecting on others who have been down the same road may ease your tension.

Abraham Lincoln Sixteenth President of the United States Bankrupt

Honest Abe Lincoln opened a store in New Salem, ILL but when the economy fell off he had to close up shop and could not pay back his bank.

Thomas Jefferson Third President of the United States Bankrupt

President Jefferson used so much of his personal funds to pay for White House expenses that he was flat broke by the time he left office.

Ulysses S. Grant Eighteenth President of the United States Bankrupt

A shady business partner lost Grant’s entire fortune in an early Ponzi scheme. Mark Twain helped Grant write his memoirs so that Grant’s family would not be destitute when he died.

Daniel Boone American Frontiersman Bankrupt

Borrowing to fund fur-hunting expeditions, Boone often came back empty handed, sometimes because he had to trade is catch to unfriendly Indians to save his life.

Mark Twain Famous American Author Bankrupt

Twain escaped to Europe for 9 years to avoid creditors before finally returning to the States to file bankruptcy. A failed typewriter invention was his undoing.

Frank Lloyd Wright America’s Premier Architect Bankrupt

Wright was thrown into the street when his home was foreclosed. Later he went on to produce his greatest work.

Jerry Lewis Actor/Telethon Host Bankrupt

Burt Reynolds Movie Star Bankrupt

Po’ Folks restaurants, a bad investment cost Reynold’s his fortune.

Larry King CNN Host Bankrupt

Before he hit it big in radio and TV King got his fresh start.

MC Hammer Grammy Award Winning Rapper Bankrupt

Wayne Newton Las Vegas Superstar Bankrupt

Newton’s luck soured when Pennsylvania refused to allow gaming at his new Casino.

Kim Basinger Actor Bankrupt

Debbie Reynolds Actress Bankrupt

Reynolds opened a casino/hotel but could not make it a success.

Heidi Fleiss Madam to the Stars Bankrupt

Mike Tyson Boxer Bankrupt

Mick Fleetwood Lead Singer of Fleetwood Mac Bankrupt

Charles Goodyear Invented Usable Rubber Bankrupt

While in debtors prison Goodyear experimented with rubber compounds, and found a successful mix but later lost his fortune and went bankrupt again due to poor patent protection.

Francis Ford Coppola Famous Hollywood Director Bankrupt

Coppola’s artistic vision fit poorly into his budget so he put personal money into some of his films and ended up on bankruptcy court when the debt got out of hand.

Henry Ford Founded Ford Motors Bankrupt

Before he discovered the power of the assembly line, Ford’s repeated attempts to start a auto maker resulted in personal bankruptcy.

H.J. Heinz Founded Heinz, Co. Bankrupt

Heinz pickle business was a flop due to over-investment and a bad economy, but after filing bankruptcy he came up with another idea that made him rich; ketchup.

Conrad Hilton Founded Hilton Hotels Bankrupt

Hilton was in great debt when the depression hit and lost all his hotels. But the banks who took them could not figure out how to run them correctly, so they hired him and gave him1/3 interest to operate them. He eventually bought all 8 hotels back. Since then he has built a few more.