2013-07-18 Detroit, Michigan, files for bankruptcy, becoming the largest US municipal bankruptcy ever at $18.5 billion; 2018-03-15 Toy chain Toys R Us announces it will close all its stores after filing for bankruptcy The rest is international history! As the economy continues to look grim, the word "bankruptcy" is on the tips of more and more tongues. Sam Walton (WalMart) The founder of WalMart, actually started his career running another famous store: Ben Franklin. Famous Bankruptcies, Historically and Recent Past. The city of Detroit made history when it filed for bankruptcy protection in July. It's a good thing her fans didn't likewise copy her investment practices, which forced her to file for bankruptcy in 1996, resulting in her losing ownership of the world-famous Ice Capades. Filed under: bankruptcy. In 1923, Walt Disney filed bankruptcy. Here are 10 famous billionaires who have gone broke or declared bankruptcy, plus the wild stories of their fall from the top. 2009-06-01 General Motors files for chapter 11 bankruptcy. While being unable to pay one's creditors is never a good situation for a company or an individual, it may not … The famous motor vehicle manufacturer infamously closed down its Chrysler Plant in Ohio after filing for bankruptcy in 2009. He got the last laugh, though, as on October 16 of that same year, he and brother Roy started again with the Disney Brothers Cartoon Studio. https://www.affordableattorneysgroup.com/famous-bankruptcy-filers This is a massive sum by any standard. The above bankruptcies, which represent some of the biggest bankruptcies in history, involve hundreds of billions of dollars. There are many among us today who firmly believe that bankruptcy is the absolute worst thing that can happen to an individual and that they will never recover financially, and that it … 6 Corporate Bankruptcies . The bankruptcy was for a massive $39.3 billion. 9 Ugliest Celebrity Bankruptcies in History When it comes to cash-pressed celebs, these are the worst By Jeff Reeves Jul 20, 2012, 7:30 am EST August 24, 2015 Three of the casino bankruptcies came during the recession of the early 1990s and the Gulf War, both of which contributed to hard times in Atlantic City, New Jersey's gambling facilities. Trump has filed Chapter 11 bankruptcy for his companies six times. 9th May 2016: Reese Baker & Associates. Famous Bankruptcies in History. Personal bankruptcy (also known as personal insolvency) law allows, in certain jurisdictions, an individual to be declared bankrupt, which is a legal status of a person or other entity that cannot repay the debts it owes to creditors.In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. It is the fourth largest United States bankruptcy in history.