There are a number of reasons why famous people file bankruptcy. Often times, they file for the same reasons that other people file. They might have made a bad investment or their income might have declined. One reason that seems more unique to famous people than others is the ability to cancel a contract. In bankruptcy, a debtor has the right to cancel unexpired leases or contracts. If a famous person wanted to get out of a contract, he could file bankruptcy to do so. Toni Braxton and Kim Bassinger were two of the celebrities who filed bankruptcy for this reason.
And like debtors who are not so famous, a lot of the famous people who have filed bankruptcy have rebounded pretty well . . . Abraham Lincoln, Walt Disney, and Donald Trump to name a few.
If you are thinking about filing bankruptcy, call the Rothrock Law Firm, bankruptcy attorneys in Naples
, at 239-206-1948.