In the Panic of 1837, Rolette lost significant wealth and became indebted to Dousman and the American Fur Company. Then in 1842 the American Fur Company declared bankruptcy, and in order to continue in the trade Rolette entered into a joint venture with Dousman, Henry Hastings Sibley, and Pierre Chouteau to organize a new company which would take its place on the upper Mississippi. While Rolette was given an ownership stake in the new company, he was not given any control over its operation. Only a few months later, Rolette died in debt to the new company, and most of his estate was seized by the remaining partners. Dousman also married Rolette's widow Jane Fisher Rolette two years later. Rolette's estate was sold at a sheriff's sale (i.e., public auction) in 1845.