It is common knowledge in the bankruptcy industry that the number one reason people file is because of medical issues. Expensive doctors’ bills, combined with time off of work and possibly living off of creditors, can create a fast-track to bankruptcy for those living paycheck-to-paycheck. Such circumstances are usually unavoidable and NOT a sign of personal failure.
Many successful and admirable public figures have filed bankruptcy. Examples include Abraham Lincoln, MC Hammer, Walt Disney, P.T. Barnum (of Barnum & Bailey Circus), George Foreman, Cyndi Lauper, Willie Nelson, Elton John, Donald Trump, 50 Cent, Kim Basinger, Marvin Gaye, Mark Twain, Toni Braxton, and Isaac Hayes.