Did Walt Disney Ever File For Bankruptcy?

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Shane Richardson Profile
It is believed that Walt Disney went officially bankrupt two times, the most high-profile was in 1921 when he was only 20. The company that went bankrupt at this time was his first studio and was called Laugh-O-Gram Studio, located in Kansas.

Walt Disney was popular in this area but his work was yet to make it big and he failed to be able to afford the studio and staff required for the running of it. This resulted in the first official bankruptcy claim for Walt Disney.

The second stumbling block for Walt Disney, in terms of money, came prior to the release of Snow White and the Seven Dwarfs. During the making of this first major film of his, Walt Disney was fearful that he may not be able to complete it due to a serious lack of funds. In 1937, close to bankruptcy for a second time in his short career, Disney approached the bank to beg them to give him a loan to complete his much beloved film.

This loan was agreed and Disney was able to fund his staff and studio through to full completion of one of the most notable film releases of all time. It was believed that although these events resulted in Walt being very close to bankruptcy, that on this occasion he was saved just before filing for bankruptcy.

The second time it is suggested that Walt Disney went bankrupt was during the making of Disneyland. This claim is not fully substantiated but it is believed that he was very close to bankruptcy or possibly did go bankrupt through his new venture. Walt's downfalls were primarily brought on by the belief he had in himself and his ideas.

Disney was certain that Snow White, once completed, would bring in very good money and was proved right. It was the same belief which led him to continue with planning Disneyland even though funding was tight.
Kathy Castillo Profile
Kathy Castillo answered
Yes. Walt Disney did file for bankruptcy. He was born in 1901 and died in 1966. In 1921, he started the Laugh-O-Gram Corporation in Kansas City, Missouri in the United States with only $15,000 from investors. He was forced to file for bankruptcy two years later when his backers pulled out because of the many problems with New York distributors of his animated fairy tales. In July of 1923, Walt Disney left for Hollywood with all of the things that he owned in the world; which were a pair of pants, a coat, one white shirt, two sets of underwear, two pair of socks and some salvaged drawing materials. He went to Hollywood, California and started over. He ended up being one of the highest paid animators in history. Walt Disney died in 1966 a rich man. His characters and theme parks are known and loved all over the world today.

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