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Top Five Historic Bankruptcies by Stewart Wrighter

Those facing financial problems might be feeling a range of emotion. They might regret their foolish mistakes that led them down the road of financial ruin or they might be frustrated with their situation because their financial hardship is not their own fault. Regardless of which category you fall into, it is important to realize that financial problems are not the end of the worked. Bankruptcy lawyers know there is plenty out there who face struggles. Any bankruptcy attorney will tell you that financial hardship is a common problem. So common in fact, many admired people in history have declared. For instance, Abraham Lincoln was so far in debt, he was forced to sell his assets. Even that did not pay it all off. The general store he purchased when he was young eventually led to his financial ruin. It did not make much money and when his partner died, Lincoln was responsible for the taxes. There have been several other presidents who found themselves in trouble, too, including Jefferson, Grant and McKinley.

Walt Disney, King of Disney World, was another surprising icon that faced financial hardship. Disney started a film company in Kansas in the early 1920s. He produced several films and cartoons. However, his plans did not work out initially and many people took advantage of young Disney. His problems behind him in New York, Walt found a new beginning in California where he created Mickey Mouse.

Like Disney, other company moguls have handled financial burdens before striking it big. Henry Ford opened his first auto dealership in Detroit just before the turn of the century. He had the assistance of three politicians. Over the years, he was able to make only 20 vehicles and his company went bankrupt in 1901. He left his original ownership group and created his Ford Motor Company in 1903. The founder of GM faced similar financial hardship to Ford, although these days it probably is not that hard to imagine GM making foolish decisions and going under.

Anyone who has ever eaten a Hershey's chocolate bar is likely to think there is no way the company would have ever struggled. The company has a successful theme park located in Hershey, Pennsylvania. However, there was a time when Milton Hershey was not so successful. As is evident, chocolate was Hershey's forte, which led to bad business management. He opened a chocolate shop after apprenticing in one and later also failed at selling candy on the street. He sold the Lancaster Caramel company for $1 million on his third try at being a candy entrepreneur and the rest is history.

Hershey was not the only food mogul to go under at one time. H.J. Heinz created the Heinz ketchup, but originally was known for horseradish. There were a lot of people who did not care for the taste of the original product and the company went under. Shortly after, he started making ketchup and today is successful enough to have his family name on the Pittsburgh, Pennsylvania's NFL stadium.

Stewart Wrighter recently spent time researching bankruptcy with the help of Columbus Bankruptcy Lawyers. He met with a Columbus Bankruptcy Attorney to discuss debt issues.

Article Source: http://www.earticlesonline.com/Article/Top-Five-Historic-Bankruptcies/1165568

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