Declaring Bankruptcy - Its Consequences, Advantages and Disadvantages

Declaring Bankruptcy - Its Consequences, Advantages and Disadvantages "Personal bankruptcy is a significant life event. Some view it as a failure, while others see it as an opportunity to reorganize your affairs. It may come as a surprise to learn that a number of famous and notable individuals have filed for bankruptcy or have controlled entities that have done so. In the past, Abraham Lincoln twice declared bankruptcy due to prolonged bouts of melancholy, failed commercial ventures, and reliance on loans from friends and family. After the abolition of slavery in the United States, Mr. Lincoln became president of the United States and is widely regarded as the man responsible for its abolition. Also, one of Walt Disney's earliest commercial endeavors was established in Kansas City, but failed when its financial supporters decided to withdraw their support. He later became the most successful cartoonist in history and founded one of the world's foremost animation and entertainment companies.Donald Trump, for example, has filed for corporate bankruptcy four times in modern times. His companies have declared for bankruptcy in the early 1990s, in 2004 and in 2009. Michael Jackson, the so-called ""King of Pop,"" was unable to repay a $25 million loan on his ""Neverland"" Ranch property in 2007, and he subsequently filed for bankruptcy despite having earned over $1 billion in royalties throughout his career. Another famous entertainer, MC Hammer, the creator of the hit song ""U can't touch this,"" amassed tens of millions of dollars in debt due to his extravagant lifestyle, which led to his bankruptcy in the late 1990s. Mike Tyson, who earned more than $400 million in his career but went insolvent due to an extravagant lifestyle, questionable financial management, and an expensive divorce, is another notable celebrity who declared bankruptcy.As the examples above demonstrate, it is possible to achieve great success but then lose control of one's finances. Even if things have gone awry, it is still possible to recover and live a relatively normal existence by getting your finances in order, as demonstrated by MC Hammer. Therefore, declaring bankruptcy is not necessarily as terrible as it may appear. There are benefits, one of which is that your debts will eventually be discharged. This can take a considerable amount of time, and your credit rating will suffer for at least ten years after the bankruptcy, as it will remain on your credit report and be visible to any institution considering lending you money.
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