Famous People Who Filed For Bankruptcy

     Bankruptcy is one of the lowest points in life that many of us can only imagine -- but for some, bankruptcy is very much part of reality.   Bankruptcy can happen to almost anyone and more importantly, it can happen to the best of us.  Example of famed people who have filed for bankruptcy include Kim Basinger, Mike Tyson, and Toni Braxton.

On picture [L-R]: Kim Basinger, Mike Tyson, and Toni Braxton.

What is Bankruptcy?

     Bankruptcy is defined as a legal status of someone who cannot pay the debts they owe to creditors^[1].  It is a federal court process designed to help consumers (and businesses) eliminate their debts or repay them under the protection of the bankruptcy court.  In most cases, bankruptcy is imposed by a court order often initiated by the debtor (that is, the person who wants to declare himself as bankrupt).

     How does one cope from such an embarrassing situation? How does one recover and start over?  If you feel that you can no longer pay your debts and you are on the edge, you will be needing help from the law and from bankruptcy attorneys.

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What are Bankruptcy Attorneys and How Can They Help?

     At this darkest hour in someone's life, it is but important that solutions are logical and long term.  Filing for bankruptcy is not an easy thing to do.  It's like admitting your defeat but still keeping in mind that you want to win over the depressing state of your life.  One needs an excellent bankruptcy attorney, those with excellent track record, who will put things in perspective.  Your bankruptcy attorney will help, with the law by your side, to set things right, pay for your debts and perhaps protect your assets or at least be able to know what to do with them.  Bankruptcy lawyers can advice you what best course of action to take so the whole process will go smoothly.  They will make sure that you clean up your mess to give you a clean slate, then you can start your life over.

     Filing for bankruptcy is a very difficult decision.  I can only imagine thus far.  Here are some well-known people who have been through bankruptcy:

• Kim Basinger filed for bankruptcy in 1989^[2].
• Mike Tyson declared bankruptcy in 2003^[3].
• Toni Braxton filed for bankruptcy twice, in 1998 and 2010^[4].

On picture [L-R]: Other celebrities known to have filed for bankruptcy: MC Hammer,
Cyndi Lauper, Burt Reynolds, Wayne Newton, Marvin Gaye, and Meat Loaf^[5].

     Knowing that even famous people like them filed for bankruptcy -- with the whole world knowing and talking about the truth of their situation, that's very depressing.  That why I feel that these people are very courageous.  I admire them for their courage -- for stepping up, taking responsibility and deciding to set things right.

The Truth

     My friends, bankruptcy is out there, waiting to happen to anyone.  And unless we have a clear vision of what we want in life, there will always be a possibility that we can wander into that direction.  Famous people have been there, and they were brave enough to take action and face the consequences.  Of course with some legal help, they came out of it and were able to claim back their lives.  But just in case you'll wandered into that path, I hope this article have given you some ideas on what to do.

     Lastly, how do we prevent ourselves from getting there in the first place?  Here are a few sound tips from the experts:

How To Avoid Bankruptcy

• Try negotiating with your creditors if they can provide extensions on debt payments.
• Get sound advise from financial and legal experts who have a good track record.  Hire an excellent bankruptcy attorney.
• Manage your wealth well.  Monitor your expenses and income.
• And realize that there are more important things in life like family, friends, love and relationships.

     Thank you for reading.  Until my next wandering!

Notes:
*This is a sponsored post for John T Orcutt, however, all the points and views are my own.
*Photos were taken from Google Image search.

*References:
[1] - Definition adapted from Wikipedia (http://en.wikipedia.org/wiki/Bankruptcy)
[2] - http://www.nytimes.com/1995/01/08/business/l-the-basinger-bankruptcy-817595.html
[3] - http://en.wikipedia.org/wiki/Mike_Tyson#Late_career.2C_bankruptcy_and_retirement
[4] - http://www.tmz.com/2010/10/07/toni-braxton-bankruptcy-court-debt-50-million-debt/
[5] - http://www.wewritereviews.com/top-10-celebrity-bankruptcies-you-can-learn-from/