Filing for bankruptcy is a legal way of proclaiming that you are unable to pay your bills/debts. It generally is not a good thing but sometimes it must be filed for in order to allow the insolvent (a person who is racking up more in interest charges than they are able to pay) relief from creditors.


The financial guru and author of New York Times bestseller 'Rich Dad, Poor Dad' has filed for bankruptcy on one of his companies after losing a $24 million judgement.
This April, Robert Kiyosaki's Rich Global LLC was ordered to pay $23,687,957.21 to the Learning Annex and its founder and chairman, Bill Zanker.
Kiyosaki had used the Learning Annex platform to organize several high profile speaking engagements, including a 2002 appearance at Madison Square Garden.

A U.S. District Court jury ruled Zanker and the Annex were entitled to a certain percentage of the profits from those engagements. Zanker told the New York Post he was responsible for making Rich Dad, Poor Dad into the global name it is today but Kiyosaki was not ready to pay him his own percentage of their deal.

He took Kiyosaki's brand and made it bigger. The deal was that Zanker would get a percentage. Zanker and Kiyosaki signed a letter of intent. The Learning Annex is the greatest promoter. They promoted 'Rich Dad' brand on a stage and truly prepared Kiyosaki for great fame and riches. But when it was time for him to pay up, he said no.

Rich Dad, Poor Dad, has sold over 26 million copies and earned Kiyosaki widespread fame as a financial commentator and celebrity fans.

Will Smith said he was teaching his son about financial responsibility by reading the book and Oprah Winfrey endorsed it on her show.
Even Donald Trump liked his advice, co-writing the book 'Why We Want You to be Rich' with Kiyosaki in 2006.

The book is so successful it's inspired a musical, Women Must Have Money, to be staged in Shanghai this November.
'Oprah believed in him, and Will Smith believed in him, but he didn't keep his promise with his Business partner.

QUESTIONS:
- Would you say Robert Kiyosaki is greedy?
- Have you read his Book, "Rich Dad, Poor Dad" before?

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