Bankruptcy – If It’s Good Enough for Trump, Why Not You?
Updated on 03 May 2023
Donald Trump, the New York billionaire, real estate mogul and television celebrity, has been making headlines for months as a leading candidate for the Republican
presidential nomination. That has prompted his many challengers to insinuate that his business record is not what it appears to be. Opponent Carly Fiorina, a former
CEO whose business record has also come under scrutiny, leveled the charge that Mr. Trump was “forced to file for bankruptcy not once, not twice, four times.”
Trump's Business Bankruptcies
“How can this be?” you ask. Donald Trump is fabulously wealthy. According to
Forbes
magazine
, his net worth is $4.5 billion. He is not what we envision when we think of bankruptcy. But here are the
facts:
-
1991 – The Trump Taj Mahal casino was nearly $3 billion in debt; Mr. Trump was personally liable for $900 million. The business filed for
Chapter 11 reorganization.
- 1992 – The Trump Plaza Hotel was $550 million in debt. The hotel filed for bankruptcy, and Mr. Trump surrendered his ownership stake.
-
2004 – Trump Hotels and Casinos Resorts were in debt to the tune of $1.8 billion. In bankruptcy, Mr. Trump reduced his ownership stake from
47 to 27 percent.
-
2009 – Trump Entertainment Resorts, suffering from the recession of 2008, filed for bankruptcy after missing a $53.1 million bond interest
payment.
Mr. Trump’s detractors suggest that this information should make you look at Trump differently. But maybe it should cause you to look differently at the bankruptcy
process itself. Trump’s misadventures, in light of his current status, send a clear message that bankruptcy is not the end of the world. But, of course, it was never
meant to be.
Bankruptcy Process: A Fresh Start
Bankruptcy is designed to give people a fresh start. Our society understands that free market capitalism is a dynamic system. There will be peaks and
valleys. People will take risks, and not all of them will pan out. But the risks that meet with success benefit our society greatly. We want to encourage investment
and innovation, so when a business fails, we don’t want to punish everyone involved. We want to help the business, its owners and its workers, to get back up on their
feet.
Free Market Capitalism and Bankruptcy
It’s the same with personal bankruptcy. You may have made errors in judgment that got you into debt, and you’ve been struggling responsibly to repay what you owe. But,
if at a certain point it looks like you’ll never be able to repay your debts, we don’t want you spending the rest of your life in debt to your creditors. The law provides
a way out. And if you need to take advantage of the law, like Mr. Trump did, you should do it.
Personal Bankruptcy: A Way Out
At DebtStoppers, our Atlanta attorneys help consumers get out from under crushing debt. If you’re trapped under a mountain of debt, take advantage of a free consultation
and learn how bankruptcy may be your best option. Call DebtStoppers today at 678-673-2142 or contact our office online.
Choosing the Right Bankruptcy Lawyer
When considering filing for bankruptcy, it's essential to have an experienced and knowledgeable bankruptcy lawyer by your side. They can help you navigate the complex legal process, protect your assets, and ensure you achieve the best possible outcome. Here are some tips to help you find the right bankruptcy attorney for your situation.
Expertise in Business and Personal Bankruptcy
Not all bankruptcy attorneys are equal when it comes to expertise in both personal and business bankruptcy. It's crucial to find a lawyer with experience in handling the type of bankruptcy you need, whether it's Chapter 7, Chapter 11, or Chapter 13. A business bankruptcy lawyer will be well-versed in the unique challenges and legal requirements involved in filing for bankruptcy as a business owner, while a personal bankruptcy attorney will have a deep understanding of the specific issues faced by individuals and families.
Emergency Bankruptcy Lawyer
In some cases, you may need to file for bankruptcy quickly to prevent immediate financial harm, such as a wage garnishment or home foreclosure. In these situations, it's crucial to find an emergency bankruptcy lawyer who can help you expedite the filing process and provide immediate relief. These attorneys understand the urgency of your situation and have the skills and knowledge to act swiftly on your behalf.
Reputation and Reviews
When choosing a bankruptcy lawyer, it's essential to research their reputation and read reviews from past clients. Look for attorneys with a strong track record of success and a commitment to client satisfaction. You can often find reviews and testimonials on the lawyer's website, as well as on third-party review sites.
Communication and Support
Filing for bankruptcy can be an emotionally challenging and confusing process. You need a lawyer who will not only provide expert legal guidance but also offer support and clear communication throughout the process. Look for an attorney who is easy to reach, responsive to your questions, and patient in explaining your options and the steps involved in your bankruptcy case.
Conclusion
Bankruptcy can provide the fresh start you need to regain control of your financial future. By choosing the right bankruptcy lawyer, you can ensure a smoother, more successful process and put yourself on the path to financial recovery. Don't hesitate to reach out to a skilled attorney to discuss your options and determine if bankruptcy is the right solution for you.
