Reply #41: LINCOLN DECLARED BANKRUPTCY, TOO

[Demeter]

In 1832, at age 23, Lincoln bought a small general store in New Salem, Illinois. He purchased it on credit along with a partner. While the economy was booming in the region, the business struggled and Lincoln eventually sold his share of the business. When his partner later died, Lincoln became liable for a $1,000 debt. Unable to pay he was forced to declare bankruptcy and did not finish repaying his creditors for another 17 years.