Thomas Jefferson filed for bankruptcy several times...and others

[capamando]

Hello,

I came upon this information from a law firm that I will be going to for a consultation.. this has probably been posted before but I have not seen it so far... I was surprised to see some of the names on this list... hope it makes you feel better.

"The History of Bankruptcy in the U.S dates back to the founding fathers, wherein they expressly outlawed debtor's prisons and immediately instituted forgiving bankruptcy laws early in our nation's history. Over the years, some of the nation's most revered companies and people have turned to the bankruptcy system for help. Perhaps this nation's greatest President and founding father, Thomas Jefferson, filed for bankruptcy not just once, but several times to eliminate the accumulation of his huge debt. The same holds true for Walt Disney. Other notable individuals that filed for bankruptcy protection are: Larry King, Redd Foxx, Wayne Newton, Abe Lincoln, Burt Reynolds, Johnny Unitas & Toni Braxton, just to name a few. The filing of a personal bankruptcy is better put into perspective when you know that men of Mr Jefferson's, Mr. Disney and Mr. Lincoln's foresight and intelligence could get themselves into and out of financial trouble."

[Universal]

Very Interesting. Thanks for sharing that.

[dscurlock]

You are posting this because you saw it on another site, and you think its legit?
This is how false rumors get around...you also find this info rehash on other sites, but there is no actual proof of this claim...

"Thomas Jefferson bore the burden of substantial monetary debt throughout his life. Except for a brief period at the beginning of the nineteenth century,[1] it was not possible to declare bankruptcy..."

One thing everyone does seem to agree on, he was in debt,
and a very heavy spender...and according to what I am seeing, Thomas Jefferson
died in debt, not debt free, so this statement that he file "several times"
does not appear to be accurate at all, and honestly you do not know what is true..
I see the same info, but just worded differently on other sites...

[Xue]

Seven famous people who survived bankruptcy

http://www.cnn.com/2008/LIVING/personal/11/19/mf.successful.people.survived.bankruptcy/index.html

[capamando]

You are posting this because you saw it on another site, and you think its legit?
This is how false rumors get around...you also find this info rehash on other sites, but there is no actual proof of this claim...

"Thomas Jefferson bore the burden of substantial monetary debt throughout his life. Except for a brief period at the beginning of the nineteenth century,[1] it was not possible to declare bankruptcy..."

One thing everyone does seem to agree on, he was in debt,
and a very heavy spender...and according to what I am seeing, Thomas Jefferson
died in debt, not debt free, so this statement that he file "several times"
does not appear to be accurate at all, and honestly you do not know what is true..
I see the same info, but just worded differently on other sites...

dscurlock,

Thank you for the clarification on Thomas Jefferson.

[WhatMoney]

Another famous one is Mark Twain (Samuel Clemens) who filed for BK in 1894 for over $100,000, the equivalent of $2.5 Million today. His losses were maily in publishing and investment in a new typesetting machine that failed.
But he went back to work on the world lecture circuit and paid back the entire amount to his creditors after the bankruptcy, because he felt it was the right thing to do.

Henry Ford
Filed Bankruptcy when his first automotive company failed. His second automotive company failed also. Finally, he created Ford Motor Company and nearly ran out of cash in that venture before it became successful. It's interesting to note that he was 40 when he founded Ford Motor Co., proving that it's never too late for a second (or third) chance.

Henry Heinz
The founder of the condiment company went bankrupt before introducing a new condiment, ketchup.

P.T. Barnum
Failed in various business ventures, leading to bankruptcy, before eventually attaining success with his circus, "The Greatest Show On Earth."
Other notable people who went on to succeed after bankruptcy:

Milton Hershey (Founder of Hershey Foods)
Rembrandt (painter)
John DeLorean (Car designer and company.)
Lee De Forest (Father of Radio, inventor of vacuum tube, radio transmitter, etc.)
Oscar Wilde
Mickey Rooney
Willie Nelson
Tom Petty
Ted Nugent
Johnny Paycheck
George Jones
Jerry Lee Lewis
Meat Loaf
Merle Haggard
Anita Bryant (gay basher)
Tammy Wynette

Actually it's hard to find any music star, sports figure, inventor or industrialist that did not go bankrupt during their career. Business and investment is all about risk in a capitalist society - and if you fail BK is your ticket to start over. Of course the country music stars just never paid their bills or taxes.

http://www.nj-bankruptcylaw.com/Arti...NotAlone.shtml

[BobMango]