The idea of filing for bankruptcy can be intimidating and depressing. You may feel like you’re giving up, or that you’ll never be able to do things like buy a home or save for retirement. First of all, you can absolutely still do these things. In fact, filing for bankruptcy could actually help you plan for the future. After all, how are you going to buy a home and make payments on your mortgage if you’re already buried in debt?
Need more proof that filing for bankruptcy isn’t the end of the world? Let’s take a look at a few celebrities who’ve gotten into the same situation you’re in now, and bounced back to be better than ever. There is life after bankruptcy, and these celebs are all the proof you need.
Walt Disney – From Bankruptcy to Billions
Before he opened Disney Land or Walt Disney World, did you know Walt had an animation studio that was a complete flop? According to Forbes, Laugh-O-Gram Studios went under when its financial backers ran out of funds – and that was just Disney’s first brush with bankruptcy. He had other close calls throughout his career. And yet, in the end, at the time of his death in 1966, Walt Disney was worth $5 billion.
Mike Tyson – Bankruptcy, Prison, Rehab… and a Happy Retirement?
According to Business Insider, heavyweight champ Mike Tyson was forced to file for bankruptcy due to massive debts he owed to the IRS, his attorneys, a music producer, his financial manager, and his ex-wife (among others). After paying his debts to his creditors, returning to jail for a time, and completing rehab, Tyson is now happily retired from the ring and owns a cannabis company in California.
Toni Braxton – Back Taxes and $10M in Medical Debts
Men aren’t the only celebrities who find themselves in trouble with creditors. Finance 101 reports that singer Toni Braxton has filed for bankruptcy twice – once in 1998 and again in 2010. Her second bankruptcy is especially relatable, as her major debt was for medical bills.
The singer had experienced significant medical problems that caused her to cancel several tour dates. Without the revenue from her concerts, she found herself unable to pay her health care bills. Bankruptcy helped her get out from under her debt so that she could get on with her life and continue making music.
If you’re struggling with the concept of filing for bankruptcy, or if you don’t know what to do to take the next step out of debt – call us at Holston & Huntley, today. We’re here to help you find an affordable bankruptcy option that works for you. Call us today for a free bankruptcy consultation at (404) 620-3337, or fill out the form below.