Bankruptcy Filers You May Know
Some of my bankruptcy clients in Queens come to my office with the wrong impression. They think filing for bankruptcy is a sign of failure. To the contrary, bankruptcy is often a shrewd financial move that many famous people have used to get a fresh a start. Consider the owners of the WWE wrestling league.
Many years ago, Linda McMahon filed bankruptcy with her husband, Vince McMahon, long before Vince McMahon founded World Wrestling Entertainment, through which he and Linda became millionaires many times over.
If someone who filed later becomes successful, there is no legal obligation to pay back any discharged debts. However, the question in the Senate race is whether she has some kind of moral obligation to do so.
Ms. McMahon is not the only famous person to have filed. Many famous people have filed, and some have then gone on to become successful. As we say, there is life after bankruptcy.
Some of the famous people who have filed include:
- Larry King, CNN talk show star, filed in 1971.
- Jackie Mason, comedian.
- LaToya Jackson, singer and sister of Michael.
- H.J. Heinz, founder of Heinz foods, who filed before his success.
- Bowie Kuhn, former commissioner of baseball.
- John Connally, former Texas Governor and Treasury Secretary.
There are many more. The point of this article is that many famous and not so famous people have had to file. If someone cannot pay their bills and does not have any reasonable hopes of ever being able to pay them, filing is the only path to take, a path with a lot of famous (and not so famous) company.
Allan Bloomfield practices bankruptcy law in Forest Hills, Queens. Contact Allan today for a free consultation.
