On April 19, 2005, President George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCA) of 2005 into law. The U.S. Department of Justice asserts that the BAPCA "opens a new era in the history of bankruptcy law and practice." On October 17, 2005 the BAPCA became effective. As he signed the bill, President Bush declared, "Under the new law, Americans who have the ability to pay will be required to pay back at least a portion of their debts. Those who fall behind their state's median income will not be required to pay back their debts. The new law will also make it more difficult for serial filers to abuse the most generous bankruptcy protections. Debtors seeking to erase all debts will now have to wait eight years from their last bankruptcy before they can file again. The law will also allow us to clamp down on bankruptcy mills that make their money by advising abusers on how to game the system." 

Do not feel alone!  Bankruptcy filings are increasing every year. 

If you're feeling alone and depressed because you have problems with debt, cheer up -- you're in the company of the (fleetingly) rich and (mostly) famous.  As the following list of famous people confirms, anyone can find themselves unable to pay their bills.  A high income does not prevent your from financial problems.  This list proves that financial trouble are not limited by socio-economic status.  People with all levels of income can overcome their financial problems by filing bankruptcy.  Most of these celebrities not only recovered financially, but many went on to earn great wealth after filing bankruptcy.

• Phineas Taylor (P.T.) Barnum - Founder of Barnum Circus (who later merged his circus with James Bailey to form Barnum & Bailey Circus)

• Kim Basinger - Actress

• L. Frank Baum - Wizard of Oz author

• King Edward II - 14th century English King

• Lorraine Bracco - Actress (Dr. Melfi - Sopranos) 

• Mathew Brady - Distinguished Civil War photographer

• Toni Braxton - Singer

• George Clinton - Singer ("Atomic Dog")

• Samuel L. Clemens ("Mark Twain") - Author

• Natalie Cole - Singer

• Gary Coleman - Actor (Arnold - Different Strokes)

• John Connally - Former Texas Governor

• Francis Ford Coppola - Film Director/Producer

• Cathy Lee Crosby - Actress

• Vic Damone - Singer

• Dorothy Dandrdge - Actress

• Dino De Laurentis - Film Producer

• Walt Disney - Film Producer & Theme Park Pioneer

• Eddie Fisher - Actor

• Mick Fleetwood - Singer (Fleetwood Mac)

• Heidi Fleiss - Clothing Line Founder & Famous Hollywood Madam

• Henry Ford - First two automobile companies failed 

• William Fox - Co-founder of 20th Century Fox Film Corporation

• Marvin Gaye - Singer

• Andy Gibb - Singer

• Charles Goodyear - Founder of Goodyear Tire Co.

• Ulysses S. Grant - 18th U.S. President & Civil War General

• Bob Guccione - Publisher/Founder of Penthouse Magazine

• Merle Haggard - Bakersfield, California raised County & Western Singer 

• Corey Haim - Actor (Star of The Lost Boys (1987))

• Dorothy Hamill - Olympic Ice Skater

• M.C. Hammer - Singer/Rapper ("Can't Touch This")

• Richard Harris - Actor/Producer/Director

• Isaac Hayes - Songwriter/Musician/Singer

• Henry John Heinz - Famous Condiment Manufacturer

• Sherman Hemsley - Actor (George Jefferson from The Jeffersons)

• Milton Snavely Hershey - Founder of Hershey's Foods Corp.

• Ron Isley - Singer

• Jermaine Jackson - Singer (Michael Jackson's brother) 

• Joe & Katherine Jackson - Parents of the Michael Jackson

• La Toya Jackson - Singer (Michael Jackson's sister)

• Randy Jackson - Singer (Michael Jackson's brother)

• Tito Jackson - Singer (Michael Jackson's brother)

• Thomas Jefferson - American Founding Father and President

• Don Johnson - Actor/Producer

• Kacey Jones - Singer

• Chaka Kahn - 80's R & B Singer

• Larry King - Talk-show Host/Author

• Bowie Kuhn - Former Major League Baseball Commissioner

• Lorenzo Lamas - Actor

• Cyndi Lauper - 80's Singer

• Stan Lee - Co-creator of Spider Man, The Incredible Hulk, The X-Men, etc.

• Jerry Lewis - Actor

• Jerry Lee Lewis - Singer

• Meat Loaf - Singer

• Jorge & Joanne Lopes - Winners of the $110.3 million 2002 Big Game Multi-state Lotto jackpot. 

• Wolfgang Amadeus Mozart - Famous Musical Composer

• Willie Nelson - Country & Western Singer/Songwriter

• Wayne Newton - Famous Singer/Actor who regularly performs in Las Vegas 

• Immanuel Nobel - Father of Alfred Nobel (who founded Nobel prizes)

• Johnny Paycheck - Country & Western Singer

• Tom Petty - Singer

• Susan Powter - Exercise/Fitness Expert

• Burt Reynolds - Actor/Director

• Debbie Reynolds - Actress/Singer

• Rembrandt Heremenszoon Van Rijn - Famous Dutch painter

• Juan Rodriguez - $149 million New York Mega Millions Lotto jackpot winner (He filed shortly before winning). 

• Mickey Rooney - Actor

• Harry Saltzman - Film Producer (James Bond movies)

• Shenandoah - Country Music Band 

• Anna Nicole Smith - Model/Actress

• James & Lynne Spears - Britney Spear's parents

• William G. Stern - British property mogul

• J. Fife Symington - Governor of Arizona

• Donald Trump's Trump Hotels and Casino Resorts Inc.

• Mike Tyson - Boxer

• Johnny Unitas - Hall of Fame Quarterback

• Oscar Wilde - Acclaimed Author and Poet

• Tammy Wynette - Singer

• Michael Vick - NFL player

• Randy Quaid - actor

• Lenny Quaid - actor

• Strephen Baldwin - actor

• Nicolas Cage - actor

• Julius (Dr. J) Irving - former NBA player

• Orange County, California

• Los Angeles Dodgers!!!