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7 Wildly Successful People Who Survived Bankruptcy

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Apr 9, 2010 12:17 EDT

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http://blogs.static.mentalfloss.com/blogs/archives/20336.html

7 Wildly Successful People Who Survived Bankruptcy
By Alex Trex
Blog.Static.Mentalfloss.com

As the economy continues to look grim, the word “bankruptcy” is on the tips of more and more tongues. While being unable to pay one’s creditors is never a good situation for a company or an individual, it may not be the financial kiss of death that you might think. A number of successful people have found themselves overextended and ended up filing for bankruptcy, only to successfully stick it out and find firmer financial footing again. Here are a few famous names who knew what it’s like to be strapped for cash.

1. Abraham Lincoln

His face may now appear on the penny, but at one time, Lincoln didn’t have a single cent to spare. Lincoln tried many occupations as a young man, including buying a general store in New Salem, Illinois, in 1832. While he may have been terrific at splitting rails, winning debates, and wearing stovepipe hats, Honest Abe wasn’t much of a shopkeeper. Lincoln and his partner started buying out other stores’ inventories on credit, but their own sales were dismal. As the store’s debts mounted, Lincoln sold his share, but when his partner died, the future President became liable for $1,000 in back payments. Lincoln didn’t have modern bankruptcy laws to protect him, so when his creditors took him to court, he lost his two remaining assets: a horse and some surveying gear. That wasn’t enough to foot his bill, though, and Lincoln continued paying off his debts until well into the 1840s.
 
Other Presidents: Lincoln’s not alone in the annals of bankrupt commanders-in-chief, though. Ulysses S. Grant went bankrupt after leaving office when a partner in an investment-banking venture swindled him. Thomas Jefferson filed for bankruptcy several times, including after leaving office, possibly because he threw around a lot of cash on food and wine. William McKinley went bankrupt while serving as Ohio’s governor in 1893; he was $130,000 in the red before eventually straightening out with the help of friends. He won the White House just three years later.
 
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7 Wildly Successful People Who Survived Bankruptcy

Relevant Subject and Topic
Other, Business and Entrepreneurship, Other

Types
Blog
Success Story

Features
Informative
Inspirational

Format
Blog

Copyright Owner
Mental_Floss.com

Most Suitable For Use By
Instructors, Facilitators, Parents, Learners, Entrepreneurs

Age Appropriateness
Adult(19+)
Youth(12-18)

Grade Appropriateness
Middle School, High School, Postsecondary, Graduate, Adult General

Geographic Suitability
All or Non-Specific

Language
English

Education Standards Maps

Version History

Date Edited
Notes
Apr 9, 2010 12:17 EDT
PNR
Apr 9, 2010 09:17 EDT
PNR
Jan 8, 2010 14:21 EDT
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