Let's face it folks.  This is a very fragile financial market we are currently facing today. The real estate market has faltered significantly; people are unable to pay their mortgages, facing foreclosure among significant debt.  While some are untouched by the current market, many are unsure how to pull themselves out of their financial woes.  Many don't consider taking advantage of the bankruptcy laws allowing people to start over after getting in over their head.  Many people, decade after decade, have done so and allowed themselves a fresh start. Most are unaware of the amount of high profile celebrities, politicians, even presidents that have previously filed bankruptcy in order to take advantage the relief offered to them.   

You  would be amazed at the high profile people that have found themselves at the mercy of bankruptcy because of situations no longer under their control.  In fact, most would be astounded after learning who in fact has filed in the past.   

POLITICIANS
1.   Abraham Lincoln – filed several times, due to business failures
2.   Thomas Jefferson – filed several times, including after leaving office due to large debt
3.   Ulysses S. Grant – 18th US President - filed in 1884 after leaving office
4.   Daniel Webster – US Secretary of State – 1841
5.   George McGovern – US Senator – filed in 1991 after his inn went out of business
6.   John Connally – former Texas Governor and Treasury Secretary – filed Chapter 11 in 1987
7.   William McKinley – 25th US President
8.   J. Fife Symington – Governor of Arizona – filed in 1995 while still in office

FAMOUS PEOPLE
  1.   Walt Disney – filed after a company owing him money filed bankruptcy
  2.   Henry Ford – Founder of Ford Motor Company
  3.   William Durant – Founder of General Motors
  4.   Larry King – filed in 1971 and 1978
  5.   Donald Trump – filed several bankruptcies
  6.   P. T. Barnum – Founder of Barnum & Bailey Circus
  7.   H.J. Heinz – Founder of the H.J. Heinz Ketchup Company
  8.   Mark Twain (Samuel Clemens) – filed in 1894 due to failed investments
  9.   Oscar Wilde – acclaimed poet and author
10.   William Fox – Founder of 20th Century Fox Film Corporation

CELEBRITIES 
  1.  Burt Reynolds – chapter 11 in 1996 after owing more than 8 million in debts
  2.  Lorraine Bracco – filed after long custody battle
  3.  Mickey Rooney – 1986 filing – first bankruptcy was in 1962
  4.  Elton John – filed in 1990’s due to lavish spending and misappropriated funds from accounting firm
  5.  Kim Basinger – filed due to $8 million judgment after backing out of a movie
  6.  Jerry Lewis – filed in the 70's after losing stage bookings
  7.  Gary Coleman – 1999 bankruptcy
  8.  Redd Foxx –chapter 11 after owing millions to IRS
9.  Mike Tyson – filed after blowing $300 million foolishly
10.  Morton Downey, Jr. – filed 5 bankruptcies
11.  Larry King – filed in 1971 and again in 1978
12.  Gloria Vanderbilt – 1938 bankruptcy
13.  John Wayne
14.  Toni Braxton – filed in 1998
15.  Francis Ford Coppola – filed in 1999
16.  David Crosby – filed in 1985
17.  Mick Fleetwood – filed in 1984
18.  Dorothy Hamill – filed in 1996
19.  Marvin Gaye – filed in the 70's
20.  M. C. Hammer – filed in 1996
21.  Merle Haggard – filed in 1993
22.  Chaka Kahn
23.  Jackie Mason – filed in 1983 after bad investments
24.  Ted Nugent
25.  Tom Petty – filed in 1979
26.  Debbie Rooney – filed in 1962
27.  Anna Nicole Smith
28.  Cindy Lauper – filed in 1981
29.  Latoya Jackson – filed in 1995
30.  Wayne Newton – filed in 1992

As you can see, bankruptcy relief has been around since the 1800's.   While there are many reasons people choose to file, one thing is certain.  Bankruptcy allows an individual or a corporation to attempt a fresh start.   An entire book could be written about all the accomplishments the above noted individuals as well as a lot of others not mentioned have achieved after choosing to file for relief and start over debt free.

Didn't Jerry Lewis file bankruptcy after a failed launch of a movie theater chain as well? Or did that never get past the concept stage?

Wow I'm still stuck on the fact that Trump filed. What the heck did I miss. Isn't he a billionaire? I'm not getting it.

It's got to mean something when so many people have to file. At least I see that the wealthy people like Trump have similar problems that we commoners have.