Mon, 11 Nov 2013

Riches to Rags - Some Famous People from USA Who Went Bankrupt

Some prominent individuals may have made the most out of the the peaks of their financial lives. However, not everyone can stay too long on top. Some may abruptly fall down like some famous people from USA who went bankrupt.

William Crapo Durant

William Crapo Durant born on December, 1861, has established a name in the automobile industry. He had been a prominent forerunner of automobiles and had devised the system of multi-brand holding companies with various product lines of cars.He founded General Motors with Frederic Smith, and Chevrolet with Louis Chevrolet.

Durant became a chief player in Wall Street during the 1920s. He was also part of the Black Tuesday, together with the Rockefeller family, who bought away large number of stocks and exhibited assurance in the stock market. However, this had cost him a lot since by the year 1936, Durant went bankrupt.

George Clinton

Some famous people from USA who went bankrupt are from the entertainment industry. George Clinton, born in 1941, is a renowned icon in the American music industry. He is a singer, band leader, song writer and producer. In 1981, he went on his solo career and had been regarded, together with Sly Stone and James Brown, as one of the trendsetters of funk music.

In 1997, he was inducted to the Rock and Roll Hall of Fame together with his and mates. However, in 1985, he filed for bankruptcy getting into a dispute with record industry issues. In 2010, the public thought that he was going to a successful comeback but instead, filed again for bankruptcy after running out of money following his mother's death.

Leonard Alfred Schneider, Lenny Bruce

Leonard Alfred Schneider, widely known as Lenny Bruce, also makes it to our list of some famous people from USA who went bankrupt. He was born on October 13, 1925, was an American stand-up comedian, satirist, and a social critic. He had lived a controversial life after being involved in abuse, promiscuity and issues with his wife. He also went to trial several times for obscenity, but was later on found to be not guilty. Because of these legal disputes, he was forced to bankruptcy.

Toni Michelle Braxton

Toni Michelle Braxton was born in 1967 and is another renowned personality in the music and entertainment scene. She has sold over 60 million record around the globe and has won several titles from Billboard, Grammy and American Music Awards.

In 1993, she reached the zenith of her career as she topped hit charts and became known for her hit singles. However, in 1998, she filed for bankruptcy. She released a couple of albums subsequently, but had once again filed for bankruptcy in 2010. Just like some famous people from USA who went bankrupt, shewas burdened by debts worth millions of dollars.

Gary Wayne Coleman

Gary Wayne Coleman, born in 1968, was a prominent American actor known for his petite physique as an adult. He had a successful career in his childhood but eventually became financially troubled. He filed a petition against his business advisor and even his parents in 1989 due to embezzlement of his assets. Subsequently, after 10 years, he was declared bankrupt.

Ron Isley

Ron Isley is an American artist, record producer and song writer. He was the third son of six children who began his music career in the church. At the age of three, he joined several singing competitions and won.

He became the front man of The Isley Brother and was also known to be a felonious tax payer. His taxes and debts amounted to more than $300,000. He was jailed for tax evasion and filed for bankruptcy after this assets were re-claimed, making it to the list of some famous people from USA who went bankrupt.

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