Celebrities Who Couldn’t Repay Their Mortgage Debts

10: Abraham Lincoln

Source: Time

Abraham Lincoln faced many hardships before being getting acclaimed for being one of America’s greatest presidents. He battled chronical depression for most of his life, lost elections 8 times and also lost loved ones but he never gave up. As a teenager, Lincoln got into the retail business with a partner in 1823. It turned out to be a bad idea and they were struggling big time to make ends meet.

When Lincoln’s partner died, he became liable for $1,000 in back payments — a large sum at the time. When Abraham Lincoln’s creditors came after him, he eventually had to mortgage assets – a horse and some surveying equipment to pay off the liabilities and was forced to file for bankruptcy. Abraham Lincoln paid off his debts until the 1840s, then became President in 1861.