Recently, Donald Trump announced that he was running for President. While his chances of getting elected are slim, it did make me wonder if a former President had also sought bankruptcy protection. As you may know, Mr. Trump has had four businesses seek debt relief under Chapter 11. I found out that several former Presidents have not just sought bankruptcy protection for businesses, but for personal protection as well.
Presidents Who Have Filed Bankruptcy
Perhaps the most known President I read about was Abraham Lincoln. Since the debt relief available at the time was quite different, President Lincoln found himself at the mercy of his creditors when his former business partner died in 1832. Not only did he lose his last assets in a court ruling, it took him over 10 years to pay back the remaining balance of the debt. He went on to serve as one of the most prolific Presidents in American history from 1861 until his assassination in 1865.
Ulysses S. Grant also found himself in need of debt relief after he left office. President Grant’s problems arose from a business partner engaging in illegal business practices. These practices caused both the business and the former President to become bankrupt.
William McKinley reached the point where he could no longer pay his creditors but was able to straighten things out once he received help from friends.
Thomas Jefferson repeatedly found himself in financial trouble, specifically due to the costs of his Monticello plantation.
The main point to be made is debt relief can not only get you back on your feet financially, but can also provide the opportunity to succeed in the future. There are numerous politicians at the federal, state, and local level that would not have been elected without first seeking debt relief. If you find yourself in the same position and need legal advice, please call our office nearest you to set up a free consultation with one of our experienced attorneys.