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Famous financial troubles past and present

There are plenty of stories of people who filed for bankruptcy, only to bounce back later to greater success. For many, the process is an opportunity to gain insight into debt management strategies and plan for the future. In fact, some famous Tennessee figures are currently facing financial challenges.

There are entertainment magnates, genius inventors and even United States presidents on the list of successful people who have declared bankruptcy. However, these people were not superhuman. Rather, debt forgiveness gave them the chance to continue and refine their visions — just as it does for people today.

Perhaps the most famous example of success after bankruptcy is Abraham Lincoln. To go from broke to having one's face printed on a national currency is certainly a feat, after all. According to a list of famous bankrupt people on Mental Floss, Lincoln went into a debt repayment plan after his former partner in a failed business venture passed away. Of course, not everybody accepts the bankruptcy process easily.

For an example a little closer to home, one need look no further than the scion of Graceland, Lisa Marie Presley. Rare Country reports on her recent financial and legal battles with her business manager, which stem from a major investment in a now-bankrupt company. The King's daughter and sole heir appears to be $16 million in debt from a home loan and back taxes. 

The Rare Country article mentions that, in 2005, Lisa Marie sold 85 percent of her interest in Elvis Presley Enterprises, Inc., the company that holds the rights to various lucrative intellectual and physical assets, such as Elvis's recordings and the Graceland estate. It is unclear what might happen to her remaining share should she formally file bankruptcy.

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We help people file for bankruptcy relief under the Bankruptcy Code.