Have wealthy people filed for bankruptcy?
Yes, many well-known business leaders and former U.S. Presidents have filed for bankruptcy to obtain a fresh start prior to achieving their successes.
Do wealthy people lose assets in bankruptcy?
If a Chapter 13 is filed, they may not be forced to lose any assets. Chapter 13 is considered a restructuring bankruptcy because the debtor makes payments to their creditors according to a court approved payment plan. In Chapter 13, the Trustee is not concerned with liquidating assets.
Can you file bankruptcy and still be president?
Many people who have filed for bankruptcy have gone on to become President of the United States. For instance, Abraham Lincoln, Ulysses Grant, Donald Trump, and William McKinley have all filed for bankruptcy.
Who are some famous people who filed bankruptcy?
Examples include: Walt Disney, Tom Petty, Larry King, Burt Reynolds, Henry Ford, and Jerry Lee Lewis.
