By Dolores Contreras of Contreras Law Firm posted in Celebrity on Friday, February 24, 2017.
1. Abraham LincolnLincoln tried many occupations as a young man, including buying a general store in New Salem, Illinois, in 1832. He and his partner started buying out other stores' inventories on credit, but their own sales were dismal. As the store's debts mounted, Lincoln sold his share, but when his partner died, the future President became liable for $1,000 in back payments. Lincoln didn't have modern bankruptcy laws to protect him, so when his creditors took him to court, he lost his two remaining assets: a horse and some surveying gear. That wasn't enough to foot his bill, though, and Lincoln continued paying off his debts until well into the 1840s.