Filing for bankruptcy is not the end of the world. In fact, many famous celebrities, politicians, entrepreneurs, musicians and even our beloved athletes have had financial troubles. Whether it is the struggling economy, mismanagement of funds or life events that is the cause, bankruptcy can impact anyone. Recovery from bankruptcy is possible no matter what walk of life you come from. Let’s look at some famous athletes that have filed and how they have survived and thrived after a bankruptcy.
- Jose Canseco – Former Oakland Athletics slugger Jose Canseco filed for bankruptcy in 2012. Canseco had an award-winning career with 462 home runs during 16 years on eight major league teams. He was a six-time All-Star and two-time World Series winner. While he is dogged by claims of using performance-enhancing drugs, he has remained in the spotlight and continues to rebuild his financial life.
- Mike Tyson is the most famous athlete for losing his fortune. Tyson won more than $400 million dollars and at one point he lost everything. There’s a big list of reasons why he lost it all… the death of his father-figure trainer, a nasty divorce, a federal rape charge, felony possession of drugs, a DUI, and a bloody ear incident. He has since straightened his financial situation and begun to make public appearances.
- Johnny Unitas lost his football fortune on bowling alleys and a circuit company. The Golden Arm of football didn’t possess the Midas touch when it came to business, as he filed for bankruptcy in 1991 thanks to a litany of failed businesses and investments. However, he did manage to land on his feet thanks to appearance fees he amassed through collector exhibitions.
- Bjorn Borg the Swedish tennis star who won six French Opens and five Wimbledon titles before retiring at age 27, filed for bankruptcy due to a failed attempt at the fashion industry. Despite the stigma of bankruptcy he did mount a successful return to the clothing industry, having launched an underwear company whose net income surpassed $11M in 2009.