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Has Donald Trump Ever Filed Bankruptcy

Nevada Early Voting Latino Turnout Controversy

Donald Trump and Bankruptcy: Why has he Filed so Many Cases?

On November 8, 2016, Trump filed a lawsuit claiming early voting polling places in Clark County, Nevada, were kept open too late. These precincts had high turnout of Latino voters. Nevada state law explicitly states that polls are to stay open to accommodate eligible voters in line at closing time. Hillary Clinton campaign advisor Neera Tanden says the Trump campaign is trying to suppress Latino voter turnout. A political analyst from Nevada, Jon Ralston tweeted that the Trump lawsuit is “insane” in a state that clearly allows the polls to remains open until everyone in line has voted. Former Nevada Secretary of StateRoss Miller, posted the statute that states “voting must continue until those voters have voted”. Miller said: “If there are people in line waiting to vote at 7 pm, voting must continue until everyone votes…. We still live in America, right?”

Lessons To Be Learned From Trump

While filing for bankruptcy is something wed all like to avoid, there are some lessons to be learned from Trumps forays:

  • Make long-term goals for your businesss success
  • Keep your personal and business finances markedly separate
  • Analyze your careers long-term potential
  • Trust in legal advisors for counsel

The last lesson is especially important. Without experienced legal advisors, the results of Trumps bankruptcies might have ended up another story altogether.

If youre considering filing for bankruptcy on behalf of your business, consult Tyler, Bartl, Ramsdell & Counts Law Firm. Our firm has counseled countless individuals and businesses in bankruptcy matters for over 25 years. To safeguard your financial future, give us a call today at 549-5000 to schedule a free consultation.

Trump Contractors: ‘it Was The Beginning Of The End For Us’

Trump takes umbrage at the idea that he went bankrupt, always pointing out that he never filed personally and that he used the bankruptcy laws to get richer.

Connolly said taking his casinos into Chapter 11 was “reasonable and responsible” and the right decision for Trump and his bondholders.

“It looked like a fair deal and actually kept them going,” Connolly said.

But Mike D’Antonio, author of the book “Never Enough: Donald Trump and the Pursuit of Success,” said the bankruptcies shouldn’t come with bragging rights.

“Donald likes to say his bankruptcy filings were just a tool he’s been using for his businesses,” D’Antonio said. “He’s had a string of failures. And you’re not just talking about big investors. You’re also taking about bond holders, not big banks…people who invested their retirements.

“So, you can call it a legal tool that he’s using, but lots of people have been hurt along the way. Its been a badge of shame for him.”

Tom Winter is a New York-based correspondent covering crime, courts, terrorism and financial fraud on the East Coast for the NBC News Investigative Unit.

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Trump Never Loses Another Chance

Despite his many missteps, Trump has always rebounded and found new ways to pursue his interests. Trump shifted his business from developing projects to licensing and management deals after he had failed in the 1990s.

Trumps star rose to new heights when he was made a reality TV star as The Apprentice even though his casino business went bankrupt twice more. He capitalized on his fame to run for President in 2016, defeating two political dynasties, the Clinton and Bush families, on his way to becoming the White House.

Even if he loses in democrats2020 and experiences the same embarrassing setback as his hotel or casino failures, Trump will still be there. Trump has an extraordinary gift for selling that leads to more deals, sometimes with ex-partners who have reacted negatively to him but then warmed to him again.

Trump sued Deutsche Bank in 2008 to get some of his loan payments back. He was trying to sell condos in his Chicago tower. After two years of legal battles, the two sides settled, and Deutsche Bank began lending Trump money again in 2011. Trump likely hopes that 2020 voters will be equally forgiving.

Fact Checking: Donald Trump Has Filed Bankruptcy Six Times

Here Are 25 Of The Most Despicable Things Donald Trump Has ...

The Differences Between Bankruptcies: Chapters 7, 11, and 13

Recently, I met a prospective client with over $30,000.00 in medical debt. She lives with her one minor child and her annual household income around $40,000.00. She can pay her basic bills, but the massive medical debt is a different story. The collection phone calls are picking up and her stress level is beginning to affect her health. This same woman filed for Chapter 7 bankruptcy relief 6 years ago following a job loss, meaning that she would not be eligible for another Chapter 7 bankruptcy filing for 2 more years. She looks at me and says If our President can file bankruptcy whenever he gets into a pinch, why do I have to suffer for 2 more years? She recalled a news story saying that President Trump had filed bankruptcy at least four times prior to becoming our U.S. President.

Fact Checking: Has Donald Trump filed for bankruptcy relief 4 or 6 times?

Lets do some fact checking about how many times Donald Trump has filed for bankruptcy protection and why there is some debate over this number. During the 2016 presidential campaign, Hillary Clinton correctly pointed out that Donald Trump had filed bankruptcy 6 times. Here is a quick breakdown of the six Chapter 11 bankruptcy filings by companies owned by Donald Trump. All six of Donald Trumps bankruptcy filings were prior to him becoming our current U.S. President.

  • 1991: Trumps Taj Mahal
  • 1992: First of two Atlantic City casinos owned by Donald Trump.
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    ‘keep The Donald Afloat’

    ” could have simply taken everything he had right then, but they wanted his cooperation,” said Lynn LoPucki, a bankruptcy expert and professor at UCLA Law School. “There’s that old saying, ‘If you owe your banks a little, you’re at their mercy. If you owe the banks a lot, the banks are at your mercy. They saw the best way for him to repay the money was to keep the Donald afloat.”

    The Donald struck a deal with the banks to hand over half his ownership, and half of the equity, in the casino in exchange for a lower interest rate and more time to pay off his debt. He sold off his beloved Trump Princess yacht and the Trump Shuttle airplane to make his payments, and his creditors put him on a budget, putting a cap on his personal spending.

    “The first one was a really big hit for him. They had him personally, and he ended up taking substantial losses in that bankruptcy. He also had the humiliation of having some bankers deciding how much money he could spend — the numbers are just astonishing — the amount of his monthly budget,” LoPucki said.

    John Pottow, a bankruptcy expert and law professor at the University of Michigan, said banks would often agree to lose millions in reorganizations like Trump’s to prevent the massive losses they would incur if they foreclosed on the property.

    “Banks will take considerable haircuts,” Pottow said. “It’s sort of like you have a sick patient so you cut off a couple toes to stop the gangrene. Now he’s missing a few toes, but he’s still alive.”

    No Bankruptcy Is Not Synonymous With Success

    Conversely, the absence of bankruptcy declarations is not an indicator of success, as many businesses fail without going through bankruptcy proceedings. A failed business may simply cease operations with the owners and investors absorbing the losses a troubled business on the brink of going under may seek to merge with another company that has the resources to keep it afloat and out of bankruptcy or a dying business may be bought up by another, stronger company, seeking to breathe new life into it or simply to acquire its assets.

    And since many business conglomerates comprise multiple companies each of which may offer many different product lines a given company or product may fail spectacularly and rack up losses in the hundreds of millions of dollars without necessarily sending their corporate parents reeling into bankruptcy.

    Finally, all bankruptcies are not created equal. A small startup partnership that doesnt quite take off soon enough and seeks bankruptcy protection is quite a different kettle of fish than the corporate entity that is mismanaged so badly and/or for so long that it racks up billions of dollars in debt before going Chapter 11.

    Also Check: How Many Times Has Trump Declared Bankruptcy

    What Is At Stake For Donald Trump Its Certainly Not Just The Election

    The brilliant businessman must repay more than $400m within four years. Next weeks vote could determine whether he can

    Going bankrupt once is unfortunate. Going bankrupt twice looks like carelessness. Driving your companies into bankruptcy six times, however, as Donald Trump has done, makes you a brilliant businessman.

    That is according to the US president, anyway. Trump, a self-described king of debt, is proud of his multiple business bankruptcies, boasting frequently about how he has brilliantly exploited corporate bankruptcy laws in order to wriggle out of his companies financial obligations. Time and time again, Trump has managed to make others employees, investors and banks pay for his failures. Trump, who has never declared personal bankruptcy, has been able to protect his own assets and move on to the next fiasco.

    But is Teflon Dons luck finally running out? With just days to go until the US election, Trump is facing a potentially crippling combination of financial stressors. His business empire has been hit hard by the pandemic according to a recent report by the Washington Post, Trumps golf clubs and hotels are practically empty. They were not doing that well before the pandemic: the New York Times investigation into Trumps taxes last month found his businesses were losing money at a staggering rate.

    • Arwa Mahdawi is a Guardian columnist

    Trump Has Filed For Six Business Bankruptcies

    How many times has Donald Trump went bankrupt ?!!

    Trump, however, filed for bankruptcy regarding these companies:

    Critics cite that the Trump corporate bankruptcies are examples of his inability to manage, his recklessness, and poor business acumen. Trump answers that criticism by stating he has used federal laws to protect his business interests. This idea is an example, he says, of his business insight and outstanding intelligence. Trump stated in August 2015:

    I have used the laws of this country just like the greatest people that you read about every day in business have used the laws of this country, the chapter laws, to do a great job for my company, my employees, myself and my family.

    In reporting from the New York Times, in 2016, Trump put up a small amount of his own money, moved personal debts to the casinos, and was awarded millions of dollars in salary, payments, and bonuses. The Times countered by sharing that the burden of his failures fell on the investors and those who bought into his business acumen self-assessment.

    Three of the casino-related bankruptcies came about during the time of the early 1990s recession and the Gulf War crisis. Both of these situations made keeping Atlantic City, New Jersey gambling facilities face some hard times. At about this same time, Trump entered into a project that involved a Manhattan hotel and two casino holding companies.

    Recommended Reading: How To Be A Bankruptcy Lawyer

    Stocks Bonds Funds And Similar Holdings

    Trump’s personal financial market investment portfolio is concentrated in the financial and commodities markets. The investment portfolio generates income and cash flow from a variety of mechanisms as dividends, capital gains, and compounded carried interest. He invested a minimum of $70 million in stocks.Though real estate is still his most preferred asset class, Trump became an active financial market investor in 2011 following disappointment from the depressed American real estate market and various investments in the Federal Reserve’s interest yields on CDs were next to nothing. Trump stated that he was not enthusiastic to be a stock market investor, but that prime real estate at good prices was hard to find at that time and that stocks and equity securities were cheap and generating good cash flow from dividends. He profited from 40 of the 45 stocks he purchased which he sold in 2014, making it almost a 90% success rate in capital appreciation in addition to millions in earned dividends. The biggest gainers in his stock portfolio were Bank of America Corporation, The Boeing Company and Facebook, Inc earning a windfall profit of $6.7 million, $3.96 million and $3.85 million, respectively.

    On a government form submitted in 2015, Trump reported holding an amount of physical gold, valued at between $100,001 to $250,000.

    About Cibik & Cataldo Law Firm

    Our company is in the business of offering debt relief to our clients. Bankruptcy often includes shame, fear, and anxiety. We understand how you feel because we have helped so many in getting through what is a stressful time. We know how to confront the issues involved in individual and small business consumer bankruptcy, here in Philadelphia and surrounding areas.

    Our most important desire to share our compassion and respect with you, our clients. Our lawyers are well-versed in providing bankruptcy services which include:

    • Mortgage foreclosure assistance
    • Medical debt cases
    • Small business bankruptcy claims

    When you call us, we will make an appointment for a free consultation if you are considering bankruptcy. Our no-pressure environment will allow you to share with us your financial situation, your options, and come up with the right solution for you. Once we have met, we will guide you in the areas of:

    • The types of bankruptcy

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    Fourth Time’s A Charm: How Donald Trump Made Bankruptcy Work For Him

      Trump Plaza, Atlantic City. Image via Flickr.

      Here at FORBES, we’ve been tracking Donald Trump‘s wealth since the inaugural Forbes 400 rich list in 1982. Today, we value him at $2.7 billion, although he claims he’s worth far more. One question we’re often asked when talk turns to Trump’s fortune: how can a man who has been bankrupt so many times remain a multi-billionaire? How is he worth more now, post-bankruptcies? We spoke to bankruptcy lawyers and casino industry experts — some of whom have had firsthand involvement in Chapter 11 cases connected to Trump — in an attempt to explain how he has survived corporate bankruptcies and thrived in the aftermath.

      1. It’s nothing personal…

      First things first: Donald Trump has filed for corporate bankruptcy four times, in 1991, 1992, 2004 and 2009. All of these bankruptcies were connected to over-leveraged casino and hotel properties in Atlantic City, all of which are now operated under the banner of Trump Entertainment Resorts. He has never filed for personal bankruptcy — an important distinction when considering his ability to emerge relatively unscathed, at least financially.

      “Corporations, limited partnerships, and LLCs in which he had an ownership interest or companies that had his name attached have filed for bankruptcy,” said Michael Viscount of Atlantic City law firm

      In Presidential Bid)

      2. …it’s just business.

      3. It’s better than the alternative.

      4. He’s leveraged his persona.

      6. He’s not the one to blame.

      Eight Us Presidential Bankruptcies You May Have Missed

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      When we think of the office of president, we often think that only wealthy men can attain it. Barack and Michelle Obama have signed deals worth tens of millions of dollars, George W. Bush retired to his Texas ranch, Bill Clinton founded the Clinton Foundation, and Jimmy Carter still teaches Sunday school in Georgia. We have the idea that those who leave the office, and those who come to it, have little to worry about in terms of finances and comfort in their post-political years. However, while distinctly in the minority, at least eight presidents have experienced financial hardship and even presidential bankruptcies.

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      Donald Trump Is The King Of Bankruptcy Filings Destroying Many Lives Along The Way

      Donald Trump spewing his birther-crap again just for attention, is seriously defensive when asked about his bankruptcies over the past two decades. Trumps Taj Mahal Hotel was built by Trump selling bonds to raise over 800 million dollars, then declaring bankruptcy which turned the bonds into junk-bonds. For all of Trumps hyperboles about his riches, if you and I did what he has done we would be imprisoned for life years ago!

      For legendary tycoons, Donald Trump tops the list, but how many times has Donald Trump filed for bankruptcy? The 90s recession wasnt picky about who it affected. Donald Trump felt the pinch as well. His decision to use high interest bonds to finance the assembly of the Taj Mahal casino caused life to get very stressful for the tycoon.

      In 1991, unable to pay a $3.5 billion loan, he declared business bankruptcy. He also came close to filing personal ruin. At the time, his personal debt was estimated to be around $900 million. Due to the bankruptcy, banks and bondholders lost millions. They came to a compromise with Donald Trump. The banks gave him lower interest rates and a longer time frame to repay the debt and Donald Trump gave the investors half the ownership of the Taj Mahal. In mere months the casino was back in business.

      Posted on: Apr. 23, 2010

      No Personal Involvement!

      Admirably Tough Or Downright Slimy Your Call

      Donald Trump has ticked off a whole lot of different groups during his outspoken and unconventional run for the presidency. Few small business owners are among them.

      Back during the primaries when he was an unlikely challenger to a slew of other more mainstream Republican candidates, Trump managed to attract the support of a whopping 41 percent of small business owners despite the crowded field. Even after a year of gaffes and controversy, more recentpolls suggest small business owners remain among Trumps most stalwart supporters.

      But there are some interesting and very vocal exceptions the many small business owners Donald Trump has stiffed in his long career as a real estate tycoon.

      Recently several media outlets have dug up a handful of business owners with worrying tales to tell of Trumps bullying, unfairness, and failure to pay. And while their numbers arent huge, there are enough of them to suggest a pattern of behavior that raises questions about whether pre-politics Trump was much of a friend to small business in practice. Here are a few of their stories:

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