Walt Disney is one of the most well known brands in the world. Walt launched his first company in 1920 – Laugh-O-Gram Studio, creating short advertising films and cartoons that seemed poised for success. Disney even had a deal with a New York distribution company to get his films into theaters and in 1922 things went terribly wrong. The distributor began to cheat Disney out of his money causing the new filmmaker to fall short on the funding needed to cover his finances. Faced with mounting debts and no money to pay his bills, Walt Disney filed bankruptcy in 1923.
Famous people who survived and thrived after bankruptcy The word “bankruptcy” is thought of as an admission of failure; something that an individual or a business can never rebound from but is that true? I don’t so. Abraham Lincoln didn’t think so either when his general store that he ran as a young man failed in New Salem, Illnois, in 1832. Honest Abe got behind on his bills and his creditors took him to court. Abe lost his remaining assets: a horse and some surveying gear. Unfortunately for Abe, Congress passed the bankruptcy law in 1841, which probably would have