Pelley Law Office LLP
Dallas Office
Plano Office
Sherman Office

No Charge For Initial Consultation ($250 value)

Menu Contact

Over 80 Years Of Combined Experience

View Our Practice Areas

Celebrities and Bankruptcy: You Are Not Alone

Bankruptcy stigmas are beginning to fade as more and more people file for bankruptcy, including those in the public eye. Most recently, Teresa Giudice, a reality TV star on Bravo's "Real Housewives of New Jersey," talked about what it was like to file for Chapter 7 bankruptcy.

"Going through bankruptcy, if anything, made us stronger. It didn't break us," she said about her joint bankruptcy petition with her husband, Joe Guidice.

Other celebrities who have filed for bankruptcy include:

  • Marvin Gaye
  • MC Hammer
  • Toni Braxton
  • Walt Disney
  • Mike Tyson
  • Tom Petty
  • Henry Ford
  • Natalie Cole
  • Donald Trump
  • Ruben Studdard
  • Stephen Baldwin

Even Abraham Lincoln had to declare bankruptcy for debts accrued by his general store. Unfortunately for Lincoln, he did not have the bankruptcy protections that we have today. He spent nearly a decade paying back his debt after losing his horse and surveying gear (his only remaining assets). Note: Today, bankruptcy does not lead to significant property loss and debtors can exit bankruptcy relatively debt free.

Abe Lincoln was able to rise from bankruptcy and become the President of the United States. His impact as president has made him a financial icon: His face is on the penny, a symbol of hard-working America. You, too, can rise from debt and continue focusing on the more important things in your life.

As you can see, bankruptcy affects everyone - from the formerly rich to the financially strapped. Most people who declare bankruptcy fall right in the middle. They are middle class individuals facing unexpected costs and foreclosure of their homes. You are not alone, and you do not have to continue to struggle.

Source: CNN Living, "Seven Famous People Who Survived Bankruptcy," Ethan Trex, Nov. 19, 2008.

No Comments

Leave a comment
Comment Information

Awards & Recognition

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Locations

Plano office
Sherman office
Dallas office

Plano Office
1312 14th Street, Suite 100
Plano, Texas 75074

Phone: 972-608-0335
Map & Directions

Sherman Office
905 North Travis Street
Sherman, Texas 75090

Phone: 903-813-4778
Map & Directions

Dallas Office
100 Crescent Court
Suite 700
Dallas, Texas 75201

Phone: 214-733-1775
Map & Directions