Bankruptcies of the Rich and Famous

Even before the advent of the credit card industry, pioneers, patriots and presidents alike found themselves in tough financial straits. According to Roland Gary Jones, Esq., author of Bankruptcies and Money Disasters of the Rich and Famous, Abraham Lincoln went bust running a grocery store before falling back on politics. Even as he ran for state Legislature, he was battling creditors for non-payment of the store’s debts, Jones said. And even after winning election, Mr. Lincoln’s horse, saddle, and all other possessions were confiscated for auction by the local sheriff. Other notable heroes with money problems include Elliot Ness, the 1920’s FBI hero, as well as Samuel Adams, President Thomas Jefferson, and James Wilson, the first U.S. Supreme Court Justice, among many others. More recently, before his election to the nation’s highest office, President Donald J. Trump had used the bankruptcy law to relieve own business debts.

If you’re feeling alone in your financial troubles, remember that people don’t plan to go bankrupt. Many life and business events can result in unexpected cash flow problems and major debt. The bankruptcy chapters were put into effect to help not only the “rich and famous,” but also to assist everyday people who need to get back on sound footing. After qualifying for debt relief under the bankruptcy chapters, people have an opportunity to move forward and build a new financial base for the future.

For people struggling with debt, it helps to explore options available under the law. Individual circumstances vary; a qualified attorney can help determine whether bankruptcy is a viable option.

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