Many successful people have filed for Bankruptcy protection.
“No Christmas gifts to exchange. Sally seemed grieved and cried… I wish no one such trials.” –founder of Heinz Co. about struggles experienced prior to filing for bankruptcy protection.
“I have worked two years for nothing.” R.H. Macy Founder of Macy’s when store closed in New York prior to opening location known as Macy’s.
Multiple American Presidents Were Buried In Debt.
Abraham Lincoln Owned a store that closed due to lack of business. He ran for congress as a way to gain employment afterwards. Twenty years later he was still paying his debts off, according to friends, as there was no bankruptcy code available to him.
Thomas Jefferson, like many a modern day debtor, borrowed from one bank to pay another. His debts were primarily incurred while President because the new government refused to pay for state dinners. He was eventually refused an $80,000 loan by the federal government just a short time before he died.
Thomas Jefferson owed $107,000.00 when he left office.
President Monroe owed approximately $70,000 when he left the Presidency.
President Ulysses Grant left office with over $150,000 in debt.
James Wilson signed the Declaration of Independence and the Constitution, and was our first supreme court justice. He died while at a friends house hiding from creditors.