Celebrities declare bankruptcy too

Some of the most famous and well-known actors, business people and socialites have filed for bankruptcy.

Bankruptcy may seem like it could be one of the worst things to happen to a person, but filing is a lot more common than most might think. Some of the most famous and well-known actors, business people and socialites have filed for bankruptcy. Celebrities are not immune, either. For the following celebrities, the media captured every step of their bankruptcy for the world to see, but most bankruptcy stories become just a part of the filer’s journey to success. 

Elton John is a well respected and loved musician around the world, but many do not realize that he has filed for personal bankruptcy. While he continuously released legendary songs for the world to enjoy, Elton John declared bankruptcy. With a spending problem, the singer was reportedly spending $400,000 a month on his credit cards. His credit card debt reached around $2 million in a single year. Since filing for bankruptcy, the international superstar has obviously not lost steam, continues to succeed, and was able to pull himself out of debt. 

One of the world’s most respected and known celebrities, Walt Disney, filed for bankruptcy. In 1920, Disney was running his first company. He eventually went broke and had to declare bankruptcy for his company and team of animators. Following the bankruptcy, Disney kept pushing and working hard until he developed the famous Mickey Mouse. A few years later, he came close to bankruptcy again but was able to keep his company going and develop it into the Disney we know now.

These are just two examples of the many celebrities that have filed for bankruptcy in one way. Filing is not a character-defining factor or an end of the world situation. For most, this is a way to gain a fresh start and get a hold of their finances before it is completely too late. Bankruptcy should be viewed as a tool to help rebuild your financial future. It is important to discuss your options with an experienced attorney. They will be able to guide you down the best path for your personal bankruptcy situation. 

The attorneys at Sadek and Cooper Law Offices have handled thousands of Bankruptcy cases in Philadelphia and the surrounding counties of Montgomery, Delaware, Bucks, and Chester. We are also licensed in the State of New Jersey. Contact us today to schedule your free consultation at 215-545-0008. 

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