Successful People Who Filed Bankruptcy


The road to success is not smooth. Rather, it is full of obstacles, and some of them may overwhelm you. For example, filing for bankruptcy is possible if you cannot repay your debts. This legal status means that you will enjoy the protection of the court as you seek ways of repaying your debts. In the United States, most individuals file for bankruptcy under Chapter 7 or Chapter 13 of the country’s Bankruptcy Code. Unfortunately, people think that filing for it is the end of their career or business. It is not. Many individuals filed for it at some point in their lives, and they have succeeded in their endeavors. Here are some successful people who filed for bankruptcy.

– Larry King

Larry King is a household name in the United States especially in the Sunshine State where he started his career in the 1950-60s. His national debut came in 1978 when he hosted a national radio show. However, he became a global icon when he joined CNN as an interviewer on a show called Larry King Live. He worked there from 1985 to 2010. Most people do not know that King filed for bankruptcy in 1978. At that time, he had a debt of $352,000 that he could not repay. He accumulated it because he could not find work after his business partner accused him of stealing $5,000. Later that year, CNN offered him the job that turned him into an American icon. Today, Larry King is worth $144 million.

– Kim Basinger

Basinger is an award-winning actor whose career spans four decades. She started as a model in New York in the 1970s before venturing into acting in 1976. Basinger starred in Box Office hits such as L.A. Confidential, Never Say Never Again, Nine and a Half Weeks, 8 Mile and Cellular. She acted alongside famous people such as Sean Connery, Mickey Rourke, and Eminem. She is also one of the principal actors in Fifty Shades Darker, a sequel to Fifty Shades of Grey. Interestingly, her finances were in shambles at some point in her career. A film production studio sued her for $8.1 million and won. She managed to settle the case for $3.8 million after she appealed the decision of the jury. She is now worth $36 million.

– Cyndi Lauper

Her real name is Cynthia Stephanie. She is a singer and songwriter renowned the world over for her musical talents. As a singer, Lauper sold more than 20 million singles and 50 million albums. In 2010, her album titled Memphis Blues was the most successful album in the Blues category. Interestingly, Lauper had filed for bankruptcy in 1981. Her manager had sued her and members of her band. It was an $80,000 suit, and it crushed Lauper financially. She even sang in a Japanese restaurant while dressed as a geisha to raise money for her upkeep. Today, financial experts estimate that her net worth is $15 to $30 million.

– Meat Loaf

Meat Loaf is his stage name. His real name is Michael Lee Aday. He is a songwriter, singer, actor, and record producer. His album, Bat out of Hell, sold over 43 million copies. Currently, sales for the same album reach 200,000 copies each week. It is one of the bestselling albums of all time. In total, Meat Loaf sold 80 million albums worldwide. It is important to note that he went through a rough patch in his life during the 1980s. In that year, he released an album titled Dead Ringer, but the sales were unimpressive. Additionally, Jim Steinman who had written many of his songs sued him. Consequently, Meat Loaf filed for bankruptcy. Today, he has a net worth of $25 million.


written by: BestSEOWriter2010s