When considering their subsequent success, the list of renowned people who have declared bankruptcy is somewhat surprising when viewed through the lens of history. Roland Hussey Macy, the founder of Macy's, went insolvent when his first business venture, selling supplies to miners, failed. Milton S. Hershey, the man responsible for mass-producing high-quality chocolate, failed in his first two endeavors to launch a candy company due to insufficient capital and intense competition. The fortunate third attempt was the beginning of what we know today.
Insolvency does not only affect businessmen; politicians are also affected. Abraham Lincoln, as a young man, purchased a general store and discovered, like so many companies in the current economic climate, that if no one buys your inventory, your store cannot endure. Lincoln spent more than a decade paying off the debts incurred while operating that store. Thomas Jefferson was bankrupt at the end of his life as a consequence of an epoch-specific custom requiring the president to pay for the staff and entertaining that occurred during his presidency. President Jefferson's architectural and scholarly pursuits contributed to his financial difficulties, but led to the construction of Monticello and the establishment of the University of Virginia. Through the sale of his memoirs, Ulysses S. Grant was able to recoup a portion of his losses from a Ponzi scheme.
Even those who capture the imagination of the public cannot evade the pitfalls of finances. Oskar Schindler, whose tale was depicted in the film Schindler's List, went bankrupt during the Holocaust while saving Jews. Elliot Ness, notoriously uncorrupted in his pursuit of Al Capone, attempted to capitalize on his fame by entering politics, but he lost all of his money in a failed bid for public office. These ordinary, extraordinary individuals did something for the benefit of others, but their attempts to attain personal financial success were unsuccessful.
These are stories of individuals who went on to achieve success or were once successful, but bankruptcy affords you the opportunity to start over and begin anew. The majority of us do not have enormous fortunes to waste. The majority of individuals are merely attempting to advance in life and, in doing so, occasionally require a chance to start over. Filing for Chapter 7 or Chapter 13 bankruptcy may enable you to eliminate these debts. When viewing the names above, people forget that they were once insolvent. What you do following tax filing makes all the difference. Perhaps this new beginning will be the beginning of something even greater than before.""
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