When you hear the name Walt Disney, you probably think of the success of his theme parks and cartoons. What you may not realize is that Walt Disney also filed for bankruptcy.
He started an animation company in 1920, Laugh-O-Gram Studios, to create animated cartoons. With a financial backer, the company began hiring staff. Sadly, the financial backer went under and Disney could not pay his staff or animators. When his studio filed for bankruptcy, they also lost Laugh-O-Gram Studios.
Disney left Kansas and moved to California. While in California, he found eventual success with characters Oswald the Lucky Rabbit and later Mickey Mouse.
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