"Rich Dad, Poor Dad" Author Files For Bankruptcy

The world renowned financial guru behind New York Times bestseller "Rich Dad, Poor Dad" has filed for bankruptcy. Does this mean he'll be dropping a new project to recoup soon?

After losing $24 million in a judgment, Robert Kiyosaki's Rich Global LLC claims that it is financially destitute. The company was ordered to pay the large sum of money 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 New York City's Madison Square Garden.

In April, a jury determined that Kiyosaki's Rich Global LLC must give the Learning Annex a percentage of its profits. The slightly less than $24 million seemed to have broke the "Rich Dad, Poor Dad" piggy bank making it so that the company filed for bankruptcy in Wyoming on August 20.

While it is the company and NOT the author filing for bankruptcy, wealthy people such as Donald Trump and even GOP presidential nominee Mitt Romney have often used bankruptcy as a financial tool to avoid paying large sums of money to creditors.

Props: The Loop 21