debt

6 celebrities gone bankrupt

Walt Disney had no choice
Next
4 of 8
Back
Walt Disney had no choice

When Walt Disney started creating his own cartoons and his main client went into bankruptcy, Disney was forced to declare bankruptcy himself. If you've ever been to one of Disney's theme parks, you know that he used his money failure as an opportunity for a fresh start and went on to become one of America's great success stories.

Disney's story proves that with the right mindset and the right planning, you can emerge from bankruptcy with little or no burden afterward, says Barry Pulchin of Metis Group CPAs LLC in Plainview, N.Y.

"You need to have the mindset of an entrepreneur," Pulchin says. "Working the traditional 9 to 5 won't create wealth."

Instead, you have to be a go-getter or a person with vision, and you'll need experts to guide you, Pulchin says. That's why advance bankruptcy planning is necessary. You need to decide which type of bankruptcy is best for your circumstance -- Chapter 7, 11, 12 or 13 -- and you'll need guidance for that.

"Even though bankruptcy adversely affects your credit rating, some creditors see it as an attempt by you to better yourself," Pulchin says.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

Remedy for my big medical bill?

Dear Debt Adviser, I was operated on in an emergency room a couple of years ago for a burst appendix. I was shopping for insurance at the same unfortunate time and had no insurance when I had the operation. The hospital... Read more

advertisement
Partner Center
advertisement

Connect with us