With the tough economy in recent years there are many people who are struggling financially. With the loss of jobs and failing businesses many people have had to file for bankruptcy.
Here are some the statistics…
That’s right… 1,107,699 businesses and individuals filed for bankruptcy in 2013 alone. The shocking thing is that’s actually less filings than in previous years!
Many people believe that bankruptcy is the end for all things financially. They believe that they are financially ruined and there is no possible return….there’s no hope.
However, there are many examples of people who achieved great success after filing for bankruptcy. Here are a few examples of people who achieved amazing things despite going bankrupt. Their stories are proof that there’s still hope after bankruptcy!
In 1899 Ford started the Detroit Automobile company. Unfortunately the company only produced 20 cars in two years. This was mostly due to Ford being a perfectionist. With lack of production the company went bankrupt.
Ford then started his second company, the Henry Ford Company, where he eventually left due to a major dispute with one of his partners. It wasn’t until 1903 when he started Ford Motor Company that led to his massive success!
Henry John Heinz
Heinz started his company when he was 25 years old in 1869. The first product that they sold was horseradish, not ketchup. In 1875 he had to declare bankruptcy due to lack of demand for their product. One year later he started a new company with his brother and cousin, where they began producing and selling ketchup!
Trump is known for being one of the most successful property developers in the world. Many people do not know that he’s filed for bankruptcy not once but twice! Once in 1992 and again in 2004! Despite going bankrupt twice he was able to reorganize his business and come out on top!
Early in his career Disney was struggling financially. After being cheated by major distributor in New York, Disney couldn’t cover his overhead and his studio went bankrupt in 1923. It wasn’t until 1928 when Disney went on to create a new character named Mickey Mouse!
A few more people who have gone bankrupt but still achieved great success are…
- Abraham Lincoln
- Burt Reynolds
- Larry King
- Mark Twain
- Mickey Rooney
- Jerry Lee Lewis
- Wayne Newton
- Mike Tyson
- PT Barnum
- George Forman
These people are amazing examples of persistence and determination. They refused to give up even when they were strapped for cash! Pretty amazing, huh?