Filed Bankruptcy facts

While investigating facts about Filed Bankruptcy, I found out little known, but curios details like:

Medical Bills and illness account for 2/3 of the bankruptcy filings in the US.

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The Cult Awareness Network listed Scientology as the #1 most dangerous cult. Over 50 Scientologists later filed civil suits against them, many using the same carbon copy claim via 1 law firm. After suing them into bankruptcy, the Church bought the name and started the New Cult Awareness Network.

What happens if you don't file taxes?

In my opinion, it is useful to put together a list of the most interesting details from trusted sources that I've come across answering what do i need to file my taxes. Here are 50 of the best facts about Filed Bankruptcy I managed to collect.

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The Chi-Chi's restaurant chain was hit with the largest hepatitis A outbreak in U.S. history, with at least four deaths and 660 other victims a month after filing for bankruptcy
Hostess deducted pay up to 30% claiming to avoid bankruptcy, only to file soon after. They then took all employee's pensions to avoid another, promising to pay back. Instead they filed for bankruptcy again then sold the company for $410 Million. All while top execs received millions in bonuses.
When filing for bankruptcy, ex-NFL Player Mike Vick personally elected Chapter 11 Bankruptcy as opposed to Chapter 7, so he would be able to pay back his debt almost in full. Paying $17.4 million of the $17.6 million he owed. “I didn’t want to stiff people who never stiffed me”
If you have debt + a winning lotto ticket, you can file bankruptcy, discharge your debts, and then cash in the ticket without having to pay off your previous debt.
In 2008, Bebo the popular social network was bought from its creators by AOL for $850 million dollars. It was then run into the ground and after 5 years the site filed for bankruptcy and was sold back to the original creators for $1 million dollars.
Mark Twain blew the bulk of his book profits and his wife's inheritance investing in the failed Paige typesetting machine, the inflation-adjusted equivalent of $8million USD, which lead him to file bankruptcy in 1894.
Donald Trump filed for bankruptcy 4 times yet finds time to host a television show in which he gives other celebrities financial and business advice.
Although Donald Trump has had to file bankruptcy for some of his ventures over the years, he has always managed to rebound and his wealth has continued to grow to an estimated $10 billion or more.
An engineer from Kodak invented the first digital camera in 1973. Kodak executives passed on the idea to continue using film, not releasing their first camera until 1995. Kodak later filed for bankruptcy.
There are alternative options to filing for bankruptcy that can help a person avoid it. These options can include debt consolidation loans (where debts are paid off by a loan, which can help get rid of high interest rates on credit card loans), debt management plans, and consumer proposals (when a portion of debt is paid off and the rest is erased).

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Filed Bankruptcy data charts

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filed bankruptcy fact data chart about America's largest milk producer, Dean Foods, just filed for — America's largest milk producer, Dean Foods, just filed for bankruptcy - Here is a look at the decline of dairy products consumption in US from 1975 to 2018

Why file taxes separately?

You can easily fact check why file taxes jointly or separately by examining the linked well-known sources.

The Author of Rich Dad, Poor Dad filed for bankruptcy.

Even though a person or business files for bankruptcy, it is not free. There are legal costs associated with filing for bankruptcy that will have to be paid. These costs are not erased in the bankruptcy proceedings either.

When an individual files for bankruptcy, depending on where they live, they may be able to keep some of their home's equity, their car, and some furniture and clothing.

Some debts are not erased when an individual files for bankruptcy. These debts can include child support payments, legal fines, some student debts, car loans, mortgages, and alimony payments, depending on where the individual lives.

In 2006 Suge Knight filed for bankruptcy due to a civil lawsuit against him. Lydia Harris was claiming that she was cheated out of her 50% stake in Death Row Records.

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Kenny Rogers started a restaurant chain called Kenny Rogers Roasters. On an episode of Late Night with Conan O'Brien, Rogers failed a blind taste test, choosing chicken from the NBC cafeteria instead of his own. That may have been a sign as his company filed for bankruptcy a year later.

There is a major crisis going on in the VFX industry in the US, as some studios are filing in for bankruptcy while the movies they've worked on are making millions.

Joe Francis, founder and CEO of Girls Gone Wild, filed bankruptcy and fled the US to Mexico in order to avoid paying an outstanding gambling debt to Steve Wynn and the subsequent arrest warrant for failure to pay. He has yet to return.

Detroit was once the 4th largest city in the US in the 1940's. However, Detroit's population has declined 60% since then & in 2013 became the largest US city to file for bankruptcy.

78% of NFL players file Bankruptcy within 5 years of retirement, 60% of NBA players file within 5 years, MLB players file for BK 4 times more than the National average

The Director of Predator, Die Hard and The Hunt for Red October was imprisoned for lying to the FBI (about illegal wiretapping) and perjury in 2013, filed for bankruptcy in prison and currently struggles to pay back the IRS a massive debt

Interesting facts about filed bankruptcy

The Roman Catholic Diocese in Rochester NY is filing for Chapter 11 bankruptcy in order to stall and prevent any pending and future lawsuits for the child sex abuse cases. 55,000,000 million in assets yet filing due to 100k in debt? Something's fishy here.

A mall in Tacoma Washington housed a live 500-pound gorilla for 26 years before the mall filed for bankruptcy

In 1975 some kid at Kodak invented DSLRs, but Kodak was afraid that DSLRs would eat into their profits because they wouldn't sell as many film rolls, then later filed for bankruptcy after all their competitors and the rest of the world went digital.

Following the cancellation of Stargate Atlantis, its main actor, negotiated the rights to make another season only to have it fall through when MGM filed for bankruptcy.

The law suit that ensued after Kim Basinger withdrew from starring in the movie 'Boxing Helena', nicknamed 'Chick in a Box'. The storyline involved a surgeon who amputated the limbs of a woman and kept her in a box. Basinger filed for bankruptcy and eventually settled for $3.8M.

Having a child is the single best predictor of whether someone will file bankruptcy

Quiznos filed for Chapter 11 bankruptcy in March 2014, and that in 2006, Bhupinder Baber, franchise owner, committed suicide after a legal battle with the company, potentially a factor in the company's bankruptcy later.

Medical bills cause more than 60 percent of U.S. bankruptcies. Most of those who filed for bankruptcy were middle-class and well-educated homeowners.

Discovery Zone merged with Blockbuster Video and was guaranteed to be a great investment. Discovery Zone filed bankruptcy shortly after. And that's what happened to Discovery Zone.

Free Money Day held annually on September 15, the anniversary of the Lehman Brothers' 2008 filing for bankruptcy. Participants offer their own money to passing strangers at public places, two coins or notes at a time. Recipients are asked to pass on one of the notes or coins to someone else.

American Apparel has not turned a profit since 2009 and had filed for bankruptcy.

A Curse of the Bahia Emerald. 14 individuals including the nation of Brazil, have claimed ownership of it and has yet to be turned over to anyone. Throughout the dispute, a house has burnt down, 3 people have filed for bankruptcy, and one man claimed to have been kidnapped and held hostage.

During the financial crisis (2008) Hank Paulson of Lehman Brothers met with Alistair Darling, chancellor of the exchequer, to oversee Barclays bid for Lehmann Brothers. Darling expressed reservations and blocked the deal. 3 days later Lehman Brothers filed for bankruptcy.

The term Osborne Effect is named after the Osborne Computer company, who announced the successors to their current generation of portable computers before they were ready. The result was a drastic drop in sales of their existing products, and they filed for bankruptcy less than a year later.

Bronson Pinchot (Balki Bartokomouse from Perfect Strangers) bought a bunch of old homes in Hartford PA with the intention of restoring them, but had to surrender all his properties when he filed for bankruptcy.

Cnet founder Hasley Minor filed for personal bankruptcy five years after it sold the technology firm for $1.8 billion

In 2000 Blockbuster declined several offers to purchase Netflix for a mere $50 million. Blockbuster filed for Bankruptcy in 2010 and valued at around $24 million, while Netflix’s worth rose to around $13 billion.

On the evening of the day when Lehman Brothers filed for bankruptcy a homeless guy approached Lynn Gray, the then Global chief administrative officer of LB, and asked her for money. Upon noticing her LB's bag, he said "Oh no that's okay, nevermind"

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