On the verge of bankruptcy?

You're not alone.

If you've read the article Bankruptcy. It's Not Worth It on the Cash Doctors website, you'll know a little bit about the ins and outs of this financial status and why it is an undesirable state to be in.

But.If you play your cards right, it is possible to get finances back on track.

For many people financial hardship and bankruptcy are taboo subjects, and may seem like the end of the world, but there are many examples of people who have had everything, and ended up with nothing.

For example, you may remember a rapper by the name of MC Hammer. Despite being known by many as a bit of one-hit-wonder for his single 'U Can't Touch This', MC Hammer was an extremely successful rapper during the late 80's and early 90's earning a solid $33 million dollar fortune.

However, after forking out $12 million to build his lavish house, he squandered the rest on ridiculously extravagant purchases that did little to improve his wealth, including his 300+ entourage with a payroll of over $500 000 a month.

And remember that old childhood favourite Mickey Mouse? Well his world-famous creator Walt Disney is also a famous bankrupt. In 1920, before his success with the Walt Disney Company, Disney formed Iwerks-Disney Commercial Artists with his friend Ubbe Iwerks.

After a rough start, Iwerks left to work for the Kansas City Film Ad Company, and it was from there that things went downhill. Eventually Disney was forced to file for bankruptcy and hand the business over to his financial backers.

Of course there are many other celebrity bankrupts that I could go on about, such as Francis Ford Coppola (producer of such films as The Godfather Trilogy, Sleepy Hollow, and Lost In Translation), Oscar Wilde (playwright, poet and novelist), not to mention singer/actor Meatloaf, who himself has filed for numerous bankruptcies.

But the one person who I want to make an example of, who you will most likely all know if not for his wealth, then for his harsh and blatant catchphrase, "You're fired!" is the one and only, multiple-bankrupt Donald Trump.

Beginning his career in his father's New York real estate business The Trump Organization, Donald Trump found success with large scale real estate development projects and development of his father's company into the Manhattan real estate market.

In 1989, after many successful projects, the effects of an economic recession left Trump in huge debt forcing him to take out more loans to finance his latest project, the Trump Taj Mahal Casino. This only served to further diminish his financial welfare, and by 1991 Trump was forced into business bankruptcy, and was on the brink of personal bankruptcy.

After major reshuffling and selling of business, shares and significantly large amounts of money, by 1994 Trump had managed to eliminate a large amount of his $3.5 billion business debt and $900 million personal debt. With Trump Towers in New York and three Casinos in Atlantic City, Trump still had businesses to run and money to make.

I n 1995, he combined his casino holdings into the publicly held Trump Hotels & Casino Resorts. Over the next two years the company's stock value decreased from $35 to single digits, and over the next 9 years struggled so much with debt that it was forced into bankruptcy. Again.

Now I'm sure by now you're thinking Trump must have had enough. But no.like a dog with a bone, Trump came back for more. In 2005 the company remerged from bankruptcy as Trump Entertainment Resorts Holdings. By the end of 2007 it was estimated that Trumps assets amassed a total of $3 billion dollars.

Not bad for a multiple bankrupt.

So it just goes to show, there is a light at the end of the tunnel for those who are bankrupt. Walt Disney proved it by going bankrupt and then making his fortune with the Walt Disney Company, and although he went bankrupt a few times, Donald Trump also proved it.

It will be hard in the beginning - you may be scraping the bottom of the barrel for a while, but the trick is to learn from your mistakes, make sure you do things different next time round, because even if you don't have any money, you've still got potential for success.

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