The city of Detroit made history when it filed for bankruptcy protection in July. 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 While being unable to pay one's creditors is never a good situation for a company or an individual, it may not … Here are 10 famous billionaires who have gone broke or declared bankruptcy, plus the wild stories of their fall from the top. Sam Walton (WalMart) The founder of WalMart, actually started his career running another famous store: Ben Franklin. Famous Bankruptcies in History. In 1923, Walt Disney filed bankruptcy. 2009-06-01 General Motors files for chapter 11 bankruptcy. Famous Bankruptcies, Historically and Recent Past. 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. The above bankruptcies, which represent some of the biggest bankruptcies in history, involve hundreds of billions of dollars. The rest is international history! The bankruptcy was for a massive $39.3 billion. Filed under: bankruptcy. 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 … Trump has filed Chapter 11 bankruptcy for his companies six times. 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. 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. It is the fourth largest United States bankruptcy in history. This is a massive sum by any standard. The famous motor vehicle manufacturer infamously closed down its Chrysler Plant in Ohio after filing for bankruptcy in 2009. As the economy continues to look grim, the word "bankruptcy" is on the tips of more and more tongues. 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. 6 Corporate Bankruptcies . 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 9th May 2016: Reese Baker & Associates.