From former presidents to founding fathers to recent members of parliament, bankruptcy has proven to be as common in political America as it is on the high street. We all make bad financial decisions from time to time, and politicians are no different. This is a comprehensive list of bankrupt US politicians.
1. Abraham Lincoln
In 1832, Abraham Lincoln and his business partners set their sights on a general store in New Salem. However, they bought the store on credit, but unfortunately they were unable to make a profit and ended up incurring a large amount of debt. After his business partner died, Lincoln filed for bankruptcy. It took him over 20 years to pay off his debt.
2. Thomas Jefferson
The country’s third president also had financial problems. According to those around him, Thomas Jefferson did not know how to manage money well. He went into debt while building and furnishing a plantation home. Even after his death, his estate was still in debt and they decided to sell it to pay his creditors.
3. Horace Greeley
Greeley’s story will always tug at our heartstrings for many sad reasons. He was the Liberal Party’s Republican presidential candidate. Even though he had incredible support from the Democratic Party, he lost in a landslide. His wife died five days before the election, and he died a month later. The failure of his campaign left him bankrupt and bankrupt.
4. David Crockett
David Crockett, who served as a member of the U.S. House of Representatives, filed for bankruptcy in 1830 after experiencing large losses in his land business. However, he continued his parliamentary service despite the economic hardships and became a famous politician.
5. Henry Clay
Henry Clay wore many hats: lawyer, politician, and businessman. He invested heavily in land and suffered huge losses which made him bankrupt in 1828. He sold his property and filed for bankruptcy to make ends meet.
6. Benedict Arnold
Benedict Arnold received no favors from his colleagues. They branded him a traitor to his homeland and went bankrupt after the War of Independence. Eventually, he began to worry about his reputation and what his debts would do to him.
7. George McGovern
George McGovern failed to run for president, but after a long career in the U.S. House of Representatives, he started his own business. In 1991, he was unable to maintain the hotel and declared bankruptcy.
8. William McKinley
The Ohio governor proved that mixing friendship with business can lead to sticky situations. He lent money to his friend to start his business and when his business failed, the bank came after him to pay off the debt. He almost abandoned his political career to serve as a lawyer and pay off his debts. But three years later, he became President of the United States.
9. Tom McMillen
The former Maryland congressman struggled with some debt problems. His business, McMillen Communications Corporation, was sinking, so he could not protect his assets from doing the same. McMillen filed for bankruptcy in 1992.
10. Ruben Hinojosa
He was a Texas lawmaker who went bankrupt after a loan from his family business failed. When he lent money to his family’s meat company, he thought he would make a large profit, but Alabama’s economic situation prevented him from repaying the loan. He said he owed Wells Fargo $2.9 million and owed $2.6 million.
11. Ron Stevens
The Illinois congressman served in the House of Representatives for 27 years. Three months after his resignation, he filed for bankruptcy, so his house was not in order (pun intended). He pointed to $615,000 in debt and a $482,000 mortgage.
12. William Jefferson
A former Louisiana congressman also found himself on the wrong side of the law when he was indicted on corruption charges. With $470,000 and 30 million shares at stake, he filed for bankruptcy and admitted to bankruptcy for not paying back the money.
Luisa is a writer with dreams of becoming an acclaimed author. Driven by her lifelong love,
As a storyteller, she has worked with well-known brands such as TapDesk, Reviewed, Rest Of World, and Chicago Tribune.
Driven by her lifelong love of storytelling, she enrolls in a creative writing course and spends her weekends writing short stories and brainstorming next week’s content.
Now immersed in her professional work, she has found that her day job as a content writer enriches her mind and provides a wealth of characters and scenarios to tell stories. She is all about the discipline and structure that writing requires.
When Luisa isn’t writing down creative ideas, she’s enjoying time with her family and wondering if she should get a dog.