Latest News 2012 September The McMahons: A Bankruptcy Redemption Story

The McMahons: A Bankruptcy Redemption Story

When the U.S. Senate candidate Linda McMahon filed for bankruptcy in 1976, they owed nearly $1 million to their 26 creditors. Her bankruptcy records show that she had $955,805 in debt at the time of the filing. About $360,000 of that money was owed to the former Mattatuck Bank & Trust Co. $100,000 of the debt needed to go to the Internal Revenue Service, and another $109,000 needed to be paid to the North American Bank & Trust Co. Since filing over 30 years ago, McMahon has become a successful CEO of the World Wrestling Entertainment company. She has been using her encouraging redemption story as a part of her campaign.

McMahon’s debts were discharged in February of 1997, giving her the opportunity to start from scratch. Since then, McMahon has earned millions at World Wrestling Entertainment and become increasingly wealthy. Some critics argue that McMahon should pay back her $1 million in discharged debts now that she has the finances for so. Others argue that because the debts were legally discharged, she shouldn’t need to return to satisfy them. Linda McMahon’s story has brought hope to millions who have fallen on hard financial times. Her campaign supporters say that the story of her rise from bankruptcy gives hope to others in similar situations.

McMahon has put her bankruptcy documents on display for the public to see. Her struggle to diminish her debts involved watching the foreclosure of her home and losing possession of their car. Eventually, McMahon was able to obtain her 1972 Buick Riviera again, and buy a sprawling home with her earnings from the company. If you are currently considering bankruptcy, let Linda McMahon’s redemption story be a hope for you. You too can eliminate your debts by declaring bankruptcy and getting court protection from your creditors!