Robert Kiyosaki gained notoriety when he appeared on Oprah Winfrey’s talk show in 2000 to promote his successful financial self-help book, “Rich Dad, Poor Dad.” On October 12, 2012, Business Insider reported that Kiyosaki filed for Chapter 7 bankruptcy protection after losing a nearly $24 million court judgment to The Learning Annex, a private adult education school based in New York. The Learning Annex was “one of Kiyosaki’s earliest backers,” according to Business Insider, but the personal finance guru never paid Annex its rightful share after it arranged “the speaking engagements and platform that led to his massive success.” Insider also noted that Kiyosaki “probably won't feel the pinch in his wallet” since “Forbes pegs his net worth around a cool $80 million.” “I took Kiyosaki’s brand and made it bigger. The deal was I would get a percentage, and he reneged,” Bill Zanker, The Learning Annex’s founder and chairman, told the New York Post. “We had a signed letter of intent. The Learning Annex is the greatest promoter….Oprah believed in him, and Will Smith believed in him, but he didn’t keep his promise to us.” Ironically, Kiyosaki co-authored “Why We Want You to be Rich: Two Men - One Message” with real estate mogul Donald Trump, who has filed for corporate bankruptcy protection four times between 1991 and 2009. If you are hesitant to file personal bankruptcy because you think it will make you “a failure,” it is important to keep in mind that even reputed financial figures like Kiyosaki and Trump have used their legal right to eliminate or reorganize their debts. Kevin Benjamin Benjamin Legal Services
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chapter 7 bankruptcy, the learning annex, robert kiyosaki, donald trump, oprah winfrey,
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