Posted On: July 28, 2010

Famous California Chapter 7 Bankruptcies

A Sacramento bankruptcy attorney makes not of a few famous California Chapter 7 Bankruptcies

Abraham Lincoln found himself indebted to creditors and while there weren't modern bankruptcy laws to help him out, this example shows that financial hardship can befall anyone.
Ulysses S. Grant went bankrupt when he was swindled by a partner in an investment banking venture. Thomas Jefferson filed for bankruptcy several times, including once after he left office.

Henry Ford's first automobile company, Detroit Automobile Company went bankrupt in 1901 and reorganized into the Henry Ford Company later that year and when that venture didn't succeed either, Mr. Ford left and in 1903 he founded the Ford Motor Company.

Burt Reynolds of Hollywood fame from the 1970's who owned mansions on both the east and west coasts, a helicopter, and a Florida ranch filed chapter 11 bankruptcy in 1996 listing assets valued over $6,000,000, including his dog ($500.00) and Real Property ($6,045,000) and liabilities totaling over $12,000,000, including Edward Katz Hair Design ($121,796.62) and CBS Studio Center ($9,802.82). He emerged from bankruptcy in 1998 even getting to keep his Florida estate, Valhalla.

Toni Braxton filed for bankruptcy and her most interesting bankruptcy schedule is "Schedule J –Current Expenditures of Individual Debtors." She lists monthly expenses of; Rent ($4700); Telephone ($4,800), Makeup & Beauty ($600), Clothing ($2,000) and Flowers ($1000) totaling $43,800 in total monthly expenses! Toni also lists assets including a Condominium Unit ($725,000); a Porsche Carrera Cabriolet ($45,000); and Musical Awards/Personal Effects ($20,200).

Mike Tyson filed for bankruptcy, despite earning millions during his boxing career. Bankruptcy court records show that Iron Mike had about $27 million in debt, including debts owed to the IRS ($13.3 million); a limousine company ($308,749); a jeweler ($173,706); a law firm ($382,028) and a Ferrari dealership ($60,603) Tyson's assets include two houses, multiple cars, and miscellaneous other personal property.

These are just a few examples of famous people who used the bankruptcy laws to help them out of tough financial situations.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

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