Man, 81, Files for Bankruptcy for the 8th Time
An 81-year-old retired Illinois shopkeeper may be the most broke man alive, having recently filed for bankruptcy for the 8th time.
Edward S. (he didn’t want his full name used) has the court records to prove that he, indeed, has asked to have his debts forgiven seven previous times and most recently filed for bankruptcy on – you guessed it – Friday, June 13th.
Ironically, Edward does not now and never has possessed a credit card. All of his bad debt has stemmed from either business or investment losses, including most recently lease payments for his shuttered grocery business.
The shopkeeper’s first bankruptcy came back in 1950, when Edward and his eldest brother, Victor, borrowed $12,000 to buy shares on margin in an early maker of television sets. For several months the brothers thought they’d be gloriously rich, only to lose all their investment when the television manufacturer, itself, went out of business overnight.
“My father taught me that it is better to try and fail than never to try at all,” Edward says only half jokingly.
Among the undertaking’s he has tried – and failed at – are a multi-level marketing effort to sell timeshares (failed 1961); ownership in a locally produced and bottled soda shop (failed 1974); shares in now-defunct electronics superstore Crazy Eddie (failed 1989); and an 11th-hour go-for-it-all bet that Enron Corp. would pull out of its nosedive (failed 2001).
“When I tell my friends how many times I’ve been to court, they really don’t believe me,” Edward says. “They think a punch line is coming any minute.”
Edward says bankruptcy runs in his family. While big brother Victor only filed for bankruptcy that one time back in 1950, he says his two younger brothers and a step-sister have filed for bankruptcy five times between them.
Edward’s latest bankruptcy attorney – only his third, says he’s submitted Edward’s record and related documents in the hopes of having his client declared the world record holder for going broke.
“He really is the genuine ‘Biggest Loser,’” his lawyer says.
Edward S. (he didn’t want his full name used) has the court records to prove that he, indeed, has asked to have his debts forgiven seven previous times and most recently filed for bankruptcy on – you guessed it – Friday, June 13th.
Ironically, Edward does not now and never has possessed a credit card. All of his bad debt has stemmed from either business or investment losses, including most recently lease payments for his shuttered grocery business.
The shopkeeper’s first bankruptcy came back in 1950, when Edward and his eldest brother, Victor, borrowed $12,000 to buy shares on margin in an early maker of television sets. For several months the brothers thought they’d be gloriously rich, only to lose all their investment when the television manufacturer, itself, went out of business overnight.
“My father taught me that it is better to try and fail than never to try at all,” Edward says only half jokingly.
Among the undertaking’s he has tried – and failed at – are a multi-level marketing effort to sell timeshares (failed 1961); ownership in a locally produced and bottled soda shop (failed 1974); shares in now-defunct electronics superstore Crazy Eddie (failed 1989); and an 11th-hour go-for-it-all bet that Enron Corp. would pull out of its nosedive (failed 2001).
“When I tell my friends how many times I’ve been to court, they really don’t believe me,” Edward says. “They think a punch line is coming any minute.”
Edward says bankruptcy runs in his family. While big brother Victor only filed for bankruptcy that one time back in 1950, he says his two younger brothers and a step-sister have filed for bankruptcy five times between them.
Edward’s latest bankruptcy attorney – only his third, says he’s submitted Edward’s record and related documents in the hopes of having his client declared the world record holder for going broke.
“He really is the genuine ‘Biggest Loser,’” his lawyer says.
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