There are a number of reasons why famous people file bankruptcy.  Often times, they file for the same reasons that other people file.  They might have made a bad investment or their income might have declined.  One reason that seems more unique to famous people than others is the ability to cancel a contract.  In bankruptcy, a debtor has the right to cancel unexpired leases or contracts.  If a famous person wanted to get out of a contract, he could file bankruptcy to do so.  Toni Braxton and Kim Bassinger were two of the celebrities who filed bankruptcy for this reason.

And like debtors who are not so famous, a lot of the famous people who have filed bankruptcy have rebounded pretty well . . . Abraham Lincoln, Walt Disney, and Donald Trump to name a few.

If you are thinking about filing bankruptcy, call the Rothrock Law Firm, bankruptcy attorneys in Cape Coral, at 239-206-1948.
 


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