When Tom Petty filed for Chapter 11 bankruptcy protection in 1979, he had little to show financially for two hit albums he’d already released: Tom Petty and The Heartbreakers and You're Gonna Get It! Petty refused release of his next album, even going so far as to personally bear the cost of recording, leaving himself $500,000 in debt. Petty's bankruptcy was an attempt to reject an unfavorable contract which Petty felt he had signed under duress.Ultimately, MCA agreed to release Petty from his existing contract but then MCA immediately re-signed him to a $3 million contract with a new subsidiary label created especially for this purpose. The album which Petty had held back, Damn The Torpedoes (with the singles, Refugee and Don't Do Me Like That), would go on to be certified Double Platinum. This album release made Tom Petty and The Heartbreakers into true superstars.