Abraham Lincoln
In 1832, several years before he became president, Abraham Lincoln opened a business with a friend. But the business was unsuccessful and sank into the red.
When the partner died, Lincoln decided to bear the brunt of the debt rather than saddle his friend’s grieving family with it.
Creditors went after Lincoln in court, and the sheriff took his only remaining assets: his horse and some surveying gear. He was effectively bankrupt, before today’s bankruptcy laws were on the books.