Robert Kiyosaki Files for Bankruptcy

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Robert Kiyosaki Files for Bankruptcy

Robert Kiyosaki filed for Chapter 7 Bankruptcy Protection on August 20, 2012. According to the New York Post reports, Kiyosaki loses $23,687,957.21 from a court judgement in favor of The Learning Annex.

The Learning Annex partnered with Kiyosaki and they managed his press engagements and built platforms that helped him achieve massive success. Apparently, the court papers gathered by the New York Post show that Kiyosaki did not pay The Learning Annex its rightful share for the first “Rich Dad” book published in 1994. Bill Zanker, chairman of The Learning Annex,  said: “Oprah believed in him, and Will Smith believed in him, but he didn’t keep his promise to us.” 

My fellow entrepreneurs and I have been discussing and exchanging points of view about Robert Kiyosaki’s recent declaration of bankruptcy. I believe Kiyosaki didn’t even feel the pinch in his fat wallet. IMHO, this may or may not put a nice dent into his reputation as a networking marketing expert. Donald Trump had the same story and he is still on top of the list.

Regardless if he is literally in personal or in financial bankruptcy, he’s still an entrepreneur. When my back is against the wall, there’s only one way out – fail forward.

Based on my research, it appears that there are lots of businessmen who filed for bankruptcy after losing a lawsuit case or when they know they are about to lose the win. Are they doing this to avoid paying the court judgment? Will people still be willing to do some joint ventures with them with such practice? What do you think? Comment now.

Jaycee De Guzman

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