They say that politicians are out of touch with the everyday struggles of citizens, but even politicians have their fair share of financial struggles. Here are five politicians who have filed for bankruptcy.
1. Abraham Lincoln
In 1832, Honest Abe and a business partner purchased a general store, and its contents, on credit. Although the economy was booming, the business failed to turn a profit, and the two went into debt. After the business partner passed away, Lincoln filed for bankruptcy and spent more than 20 years paying off his debts.
2. Thomas Jefferson
America’s third president may have been able to manage a new country, but Thomas Jefferson was far from able to manage his finances. Jefferson relied on credit to construct and furnish Monticello, his plantation home. His expensive tastes caused him to incur so much debt that the estate was sold after he died just to pay his creditors.
3. William McKinley
The future president learned the hard way that friends and money lending don’t mix. As governor of Ohio, William McKinley loaned his friend money for a business that failed. Ultimately, the bank went after McKinley to collect the debt. McKinley considered abandoning politics and resuming his law practice in order to repay the bank. He recovered from this financial hit, though, and became president three years later.
4. Benedict Arnold
Who knew that being labeled a traitor was only one of the bad things that happened to Benedict Arnold as a result of the American Revolution? In addition to his name becoming synonymous with “betrayal”, Benedict Arnold also went bankrupt after the war.
5. George McGovern
After a failed presidential bid following a lengthy tenure as a member of the U.S. House of Representatives and Senate, George McGovern decided to try his hand at business and acquired a hotel called the Stratford Inn. Just three years later, the hotel filed for Chapter 11 bankruptcy.
One thing these politicians prove is that bankruptcy is not the end; many took it as an opportunity to learn from their mistakes and go on to become successful. If you are struggling to keep up with debt and would like a chance to start fresh, contact DeLuca & Associates at (702) 252-4673 to schedule a free consultation with a bankruptcy attorney today.