Biggest Bankruptcies in U.S. History
When you are struggling to pay your debts, it affects every aspect of your life. Many people wonder how they will pay bills next month, buy groceries, or send their kids to college. As bad as your financial situation may seem, the following examples of some of the biggest bankruptcy filings in U.S. history may make you feel a bit better.
Clint Murchison Jr.
One of the largest personal filings actually occurred nearly 30 years ago. The median household income in 1985 was $23,620, but Clint Murchison Jr. had more than $70 million in assets. In spite of all this wealth, his debts totaled about $400 million, which forced him to file for personal bankruptcy. Murchison was a co-owner of the Dallas Cowboys at one point and listed nearly 300 creditors in his filing.
In 2012, Stockton, California, became the largest city to file for bankruptcy in the history of the United States. The city, home to 300,000 people, filed for Chapter 9 protection when it was facing an insurmountable $26 million budget deficit.
There have been some incredibly large businesses that have declared bankruptcy, especially in recent years. These companies range from financial institutions to car manufacturers. However, Lehman Brothers topped the list of the biggest bankruptcies when it filed Chapter 11 in September 2008. The company was valued at $691 billion at the time, and when the government declined to bail out the investment bank, its assets were liquidated.
Your debts likely are not nearly as extensive as any of these individuals or businesses, but bankruptcy may still be the best debt relief option for you. To speak with a Milwaukee bankruptcy attorney, call the Burr Law Office at (877) 891-1638. We provide affordable services that will offer you financial relief.