Pauline E. Ranger Immune to Bankruptcy? Think Again
These Historical Icons and Celebrities Prove Bankruptcy Can Happen to Anyone
It is difficult to openly admit they’re in a cash crunch and high debt. However, a lot of people are still looking for an option.
Some perspective could ease the pain if you’re scared of filling in a few B-309 paperwork. There are many well-known bankruptcy filers. Although they all have celebrity standing or a long history to their credit with their own stories, they all have one thing in common: they all enjoyed the upwards winds of their economic success only to experience the wrong side of their lives.
Abraham LincolnIt’s true; the president who steered the nation during the Civil War also had to declare bankruptcy at some point during his time.
Prior to his election as president on January 1, 1861, Abraham Lincoln was an investor and businessman. In the book The President and the Freedom Fighter by Brian Kilmeade, We learn about when Lincoln had just entered his early 20s and was running a small general store in Illinois. He managed and owned the store around 1833.
Realizing that the company was in a downward trend financially, he chose to sell half of the company. An investor who was willing to buy half of the company and then passed over to the next president Lincoln completely free of debts.
In the 1800s, the bankruptcy laws weren’t as well-developed as “friendly” as they are now. In the past, bankruptcy was a possibility that offered no security, especially when borrowers were referred to creditors in the courtroom.
Without a cent from his company, Abraham Lincoln had his home and other assets that he owned. However, he did manage to repay his creditors; however, his experience in bankruptcy serves as an eloquent reminder that bankruptcy can strike any person.
MC Hammer
“Can’t touch this!” … is likely the thought MC Hammer told himself when looking at the rest of the $13 million he had amassed before filing for bankruptcy in 1996. As per The Telegraph, MC Hammer was reported to have accumulated more than $30 million at the height of his musical profession.
It might appear like quite an amount. But, as another well-known song adage says:
“Easy come, easy go.”
In a brief time, he could make a fortune from the sales of his albums; it was as high as $70 million per year. Millions of dollars were at his disposal when his albums sold like hotcakes, at least up to the beginning of the 90s.
At the beginning of the 90s, MC Hammer went on an extravagant three-year spending spree that led him to incur debt. Although his songs continued to succeed and remain well-known, album sales weren’t enough to sustain his lifestyle.
In 1996, he was the debt of 13 million dollars. The financial crisis led him to sell everything he owned, including the home he had invested millions of dollars in renovating.
He is now wiser about his financial situation and is a minister and consultant to companies in the early stages. He is a living example of someone who has ever been “2 Legit 2 Quit” in the midst of a shopping spree.
Walt Disney
Everybody knows Walt Disney as one of the early pioneers of animated films. But what isn’t discussed are Walt Disney’s creator, Mickey Mouse’s challenges to achieve fame and fortune.
In the time that preceded 1922, Walt Disney was an animator in Kansas. He was the director of an animation studio in small size with 2 other animators. The studio was dubbed Laugh-O-Gram. It was based on an article by Forbes; laugh-o-gram was poised to succeed, catching the heads of numerous big companies that needed animated advertisements.
Sadly, Laugh-O’Gram went out of the market. Walt Disney was not turning in enough income from his animated studio. One reason for this was that he had been scammed by one of his distribution partners.
Without a dime to pay his bills or to satisfy his creditors, Walt Disney had to declare bankruptcy in 1923. It was the final goodbye for an animation career that showed promise. He had no idea that bankruptcy was only an obstacle on his path toward fame and success.
Utilizing the money he lucked out from friends, family members, and family, he made Snow White — the first animated feature that was full-length in cinema history. It’s no surprise that the rest is history that was paved by his other films, such as Mary Poppins and Cinderella.
Walt Disney’s story shows it’s more than wishing on the stars to escape bankruptcy. It’s about the right management of assets and knowing how to find funding.
Nicolas Cage
A career in acting within Hollywood with a long history can make you believe that Nicolas Cage lives the lifestyle of Castor Troy. However, this Con Air and Face Off actor was forced to dip into his pockets because of a huge lawsuit filed in 2009.
Nicolas Cage was one of the top-grossing actors in the 90s and into the early 2000s. His films, such as Face Off, Ghost Rider, and Con Air, grossed millions of dollars at the Box Office, allowing him to earn up to $130 million.
A large sum of cash Cage earned will make the process of the loss of it even more complex as “the face switch.” According to the Lad Bible, Nicolas Cage was known for his bizarre spending habits and indulged in his love of extravagant automobiles and dinosaur bones. He also did something many imagine doing with huge sums purchasing an island.
His extravagant spending continued until it caught on the attention of the IRS in the year 2008. In 2009 Nicolas was entrapped in tax liabilities of around $6 million.
