DeLorean Motor Company
Bankruptcy filing: 1982
It's tough to distinguish what was more spectacular about DeLorean — its highly-coveted, Hollywood-famous sports car, or the way it flamed out in one of the more memorable bankruptcies in business history. DeLorean, of course, was the maker of the DMC-12, the car with the gull-wing doors that may or may not have also been a time machine. But despite its novelty after rising to fame in "Back to the Future," demand for the DMC-12 sunk, and cost overruns pushed the company into desperation. Facing debts his company could not cover, founder John DeLorean turned to crime during bankruptcy. He was arrested by the FBI in 1982 and charged with conspiring to smuggle $24 million worth of cocaine into the U.S. — an illicit deal reportedly designed to finance his struggling automaker. If it wasn't doomed already, the press from the FBI arrest put the final nail in the coffin for DeLorean, which officially went bust in 1982.
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How many credit cards should one person have?
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- 73 %Just one. Credit cards should only be used for emergency situations.
- As many as you can. Credit cards are a great way to make purchases and get great rewards.
- None. You should never buy anything on credit.
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