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Celebrities Benefit from Bankruptcy and So Can You

On Behalf of | Nov 13, 2018 | Bankruptcy in the News

People often believe that if they were rich and famous, they could live a happy life free of financial worries. Unfortunately, life is rarely worry-free for anyone. In fact, just like the rest of us, some of the most rich and famous people in the world have struggled with money. This can be due to over-spending, massive debt, bad investments, bad loans, unexpected medical expenses, dwindling job opportunities, and changes to the economy.

In other words, celebrities can find themselves on the brink of financial disaster for all of the same basic reasons as anyone else. When celebrities seek bankruptcy relief, we should therefore pay attention. Not just out of morbid curiosity, but because celebrity bankruptcies can inspire us to grasp the opportunity that bankruptcy offers, then bounce back stronger than ever.

Consider the following people:

· Walt Disney-Before he created a beloved children’s entertainment company that would become a global juggernaut, Walt Disney owned a film studio called Laugh-O-Gram. This studio struggled due to debt and bad contracts, and Disney had to seek bankruptcy relief in 1923. Did Disney let this derail his dream? The answer is no, as he created Mickey Mouse five years later.

· Marvin Gaye-The all-time great Motown singer made millions over the course of his recording career, with hit albums like “What’s Going On”. However, lavish spending and an expensive divorce led him to seek bankruptcy relief. After releasing the album “Here, My Dear” to satisfy his debt to his ex-wife, he made a major career comeback with “Sexual Healing” before his untimely death.

· Sinbad-Actor/Comedian Sinbad has been successfully working in the entertainment industry for decades. Nevertheless, he has also found himself seeking bankruptcy on several occasions due to debt, unpaid tax obligations, and changes in his income. Bankruptcy relief has helped him get creditors off his back, repay his IRS tax obligations, and continue to successfully tour and act.

· Mike Tyson-The notorious and one-time unstoppable boxer earned hundreds of millions of dollars during his boxing career. Incredibly bad financial planning and a lavish lifestyle evaporated that money and left him $23 million in debt. After successfully proceeding through Chapter 11 bankruptcy, he has gone on to find career resurgence as an actor and entertainer.

You Need an Attorney to Defend Your Legal Rights

If you have been struggling with debt, you deserve some relief. Bankruptcy may be a really good option for you to wipe out qualifying debt so that you can move toward a brighter financial future. For three decades, the attorneys at Levitt & Slafkes, P.C., have helped clients successfully attain bankruptcy relief. Let our practical experience, unmatched knowledge, and work ethic serve you. Contact us at (973) 323-2953 to schedule an initial consultation, or contact us online.

We are proudly designated as a debt relief agency by an Act of Congress. We have proudly assisted consumers in filing for Bankruptcy Relief for over 30 years.