It's important to have some perspective, especially when you find yourself in debt. Did you know that many famous people have declared bankruptcy, and then gone on to make their lives even better? That's what bankruptcy is about — a financial "fresh start".

At the Nader Law Firm, we want to help, and we hope that these stories will serve as inspiration to tell you that your worst times are about to become a part of the past. After filing bankruptcy, it truly does begin to get better!

Willie Nelson

When country music star Willie Nelson owed over $16 million in taxes, the IRS seized his bank accounts and real estate across six states. As a result, Nelson was forced to file for bankruptcy in 1990. To help pay his tax debt, he released an album titled "The IRS Tapes: Who'll Buy My Memories?" Although his debts were paid off by 1993 he later sued Price Waterhouse for causing his financial woes by mishandling his finances.

Donald Trump

"The Donald" was not always famous for saying "You're Fired!" He was also notorious for taking big risks in real estate and business ventures, resulting in two high profile bankruptcies. His Atlantic City hotel/casino empire went bankrupt in the early nineties owing several hundred million of dollars. After remaking a fortune, he lost it all again and declared another business bankruptcy in 2004, this time in the amount of $1.8 billion. After stepping down as CEO of Trump Entertainment Resorts, Inc. in 2005, he launched his show "The Apprentice" and is again remaking another fortune, which he'll probably need to pay for all that hair spray.

Dorothy Hamill

Former Olympic ice skating champion Dorothy Hamill filed for chapter 11 bankruptcy in 2004. This resulted from non-payment of a bank loan to finance an ice skating arena in that later went bankrupt. Although Hamill was a star in her late teens, her skating success did not translate into financial success due to bad investment and money management advice she received for over 20 years. However, she got a financial fresh start thanks to bankruptcy.

Thomas Jefferson

Thomas Jefferson was one of the greatest and smartest of all Presidents of the United States. Unfortunately, he wasn't smart about money for his heirs. After his death, his estate Monticello and all his possessions, including 120 slaves, were auctioned off to help pay off $107,000 in debts (a fortune in 1826).

George Foreman

Although he didn't actually file for bankruptcy, former heavyweight boxing champion George Foreman was on the verge of bankruptcy in the 1980's. In his case, the concern over his poor financial situation worked in his favor: it forced him to re-enter the boxing ring at age 45 and become the oldest boxer in history to regain the heavyweight title. The resulting publicity and endorsement deals allowed him to pay off millions of dollars of debt and launch a new career as an entrepreneur lending his name to the George Foreman Grills, endorsing a line of big and tall clothing, and founding his own church. In retrospect, none of this likely would have happened if being deep in debt had not forced George to rethink his options.

Ready to put your financial problems behind you? Contact our bankruptcy attorney for a free consultation on making your own financial fresh start!

More Celebrity Bankruptcies, Past & Present

Ulysses S. Grant, 18th U.S. President; Civil War general whose face is pictured on the U.S. fifty dollar bill.

Mark Twain, (Samuel Langhorne Clemens), American author (1894).

Oscar Wilde, acclaimed poet and author (1895).

Milton Hershey, started four candy companies that failed; filed bankruptcy before starting Hershey's Foods Corporation.

Henry Ford, his first two car companies failed before he created the Ford Motor Company.

Walt Disney, Oscar-winning film producer; animation & theme park pioneer (1923).

Mickey Rooney, movie actor, owed the IRS $1.75 million (1962).

Debbie Reynolds, movie actress, purchased a hotel in Las Vegas plagued by a weak cash flow almost from the start (1997).

Johnny Unitas, legendary Hall of Fame football quarterback (1991).

Jerry Lee Lewis, famous Rock n' Roll star. The IRS seized his cars, furniture, piano and even showed up at his concerts to collect ticket sales (1988).

Burt Reynolds, movie actor, filed for bankruptcy after his divorce from Loni Anderson, had more than $10 million in debt (1996).

Wayne Newton, Las Vegas entertainer, filed for Chapter 11 bankruptcy with $20 million in debt (1992).

Kim Basinger, actress, sued for breach of contract for pulling out of the movie, Boxing Helena (1993).

MC Hammer (Stanley Burrell), musician and entertainer (1996).

Marion "Suge" Knight, Rap music mogul, to avoid a $107 million judgment awarded to a former associate (2006).

Toni Braxton, rock star (1998).

Anita Bryant, singer, 1958 Miss America 2nd runner-up (1997 and 2001).

George Clinton, rock star (1984).

Natalie Cole, singer (1997).

Gary Coleman, actor (1999).

Francis Ford Coppola, Oscar-winning film writer-director-producer (1990).

Cathy Lee Crosby, actress, American author (1992).

Vic Damone, singer (1971).

Dino De Laurentis, Oscar-winning film producer (1988).

Mick Fleetwood, rock star, lead member of "Fleetwood Mac" (1984).

Heidi Fleiss, Clothing line founder, American author (1999).

William Fox, co-founder of 20th Century Fox Film Corporation (1936).

Marvin Gaye, singer (1974).

Andy Gibb, rock star (1987).

Bob Guccione, publisher and founder of Penthouse magazine (2003).

Merle Haggard, country music star (1993).

Isaac Hayes, Oscar-winning songwriter-composer-musician-singer (1976).

Sherman Hemsley, actor (2002).

Ron Isley, rhythm-and-blues singer (1996).

La Toya Jackson, rock star (1995).

Don Johnson, actor-producer (2004).

Clay Jordan, Survivor V: Thailand contestant; restaurateur (2001).

Chaka Kahn, rock star (1996).

Larry King, talk-show host, best-selling American author (1978).

Veronica Lake, actress (1951).

Lorenzo Lamas, actor (2004).

Cyndi Lauper, rock star (1983).

Stan Lee, comic book industry pioneer, co-creator of "Spider Man," "The Incredible Hulk," "The X-Men," etc. (2001).

Meat Loaf, rock star (1983).

Mindy McCready, country music star (1997).

Johnny Paycheck, country music star (1976).

Tom Petty, rock star (1979).

Anna Nicole Smith, model-actress, 1993 Playboy magazine "Playmate of the Year" (1996).

Tammy Wynette, country music star (1988).