Entrepreneurs are always looking ahead toward the future. However, sometimes the road to success is neither smooth nor straight. On the contrary, it’s confusing and chaotic. If you’re currently struggling to survive, then here’s a look at some multi-millionaires — and a few billionaires — who are enjoying success today, but at one point in their history hit financial rock bottom and filed for bankruptcy:
- Francis Ford Coppola
Unlike the Godfather Don Corleone, Francis Ford Coppola made his creditors an offer that they could and did refuse — and as such, in 1992 the famous director was forced (for the second time) to file for bankruptcy. However, this setback didn’t end his career. After emerging from bankruptcy he returned to doing what he does best, and in 2003 produced the Oscar-winning movie “Lost in Translation.”
- Donald Trump
Love him or hate him — or maybe both — the fact remains that Donald Trump filed for bankruptcy not once, not twice, but six (yes six) times. The first time was back in 1991, in the aftermath of the ill-fated Trump Taj Mahal casino in Atlantic City, New Jersey. The most recent was in 2009 in the wake of the Great Recession.
- Kim Basinger
If you’re a fan of the original Batman movie or you think that L.A. Confidential was one of the best noir flicks that ever came out of Hollywood, then you may be surprised to learn that one of the stars of both movies — Kim Basinger — wasn’t seen as all that lovely by her creditors back in 1993. She pulled out of the film Boxing Helena — and was sued by the production company for breach of contract.
- Cyndi Lauper
Colorful Cyndi Lauper is best-known for her 1983 chart topper “Girls Just Wanna Have Fun.” However, two years earlier in 1981 she was known for being deep in debt and filing for bankruptcy. Fast forward about 37 years, and Ms. Lauper is worth an estimated $30 million. She can have a lot of fun with that kind of cash.
- Walt Disney
Walt Disney is the legendary creator behind some of the history’s most beloved animated films. However, decades before the Seven Dwarfs were whistling while they worked and Pinocchio was being advised to wish upon a star, Walt was waltzing into bankruptcy court. That was 1920. And the rest, as they say, is history.
The Bottom Line
If your entrepreneurial roadmap is forcing you to take an unexpected — and certainly unwelcome — detour through bankruptcy country, then don’t panic. Contact a qualified and experienced bankruptcy attorney (such as the Law Office of Charles Huber), and get the advice you need to move forward. Like the people above, you may look back on this event as a small setback on your road to big success!
