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How Many Times Has Trump Claimed Bankruptcy

General United States Bankruptcy Statistics

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

1. 62% of personal bankruptcies in the United States were due to medical expenses.

A study conducted by Harvard University has shown that, without doubt, the most significant of all US bankruptcy statistics is that nearly two-thirds of all bankruptcies were due to medical expenses. One of the most interesting figures to come out of this study was that 72% of the bankruptcy filings had come from people with some form of health insurance. While this was a shock, it also crushed the myth that medical bills only affect the uninsured.

Medical bankruptcy statistics show that people taken by a rare disease or some form of serious illness will be left with hundreds of thousands of dollars in medical bills. Medical bills of this size can easily wipe out any savings, equity accounts, and college funds and leave no other option but to go bankrupt. Eventually, a surge in the US bankruptcy rate is likely to happen.

Moreover, with advancements in technology, healthcare costs in the United States are at an all-time high. As new illnesses emerge and more people become patients, health insurance is becoming expensive and extremely confusing.

It is no secret that Americans face their greatest financial difficulties regarding medical care. Since 26% of Americans between the ages of 18 and 64 are struggling to pay their medical bills, its no wonder these bankruptcy filing statistics show that medical expenses cause more people to go bankrupt than anything else.

Judith And Nicolas Jacobson

Now divorced, the Jacobsons were a married couple who previously owned a chandelier business in West Palm Beach, Florida. In 2004, Trump ordered three fixtures worth $34,000 for his Mar-a-Lago resort from them, but then refused to pay in full, saying the Jacobsons’ work was shoddy, WSJ reports. They denied this claim but facing endless legal wrangling, the couple settled.

“A review of Palm Beach County court records showed no other payment disputes involving Classic Chandeliers. The shop later closed. Mr. Jacobson died in 2015,” notes the WSJ.

Trump defends his history of payment disputes as simply the expected cost of being a tough negotiator in a cutthroat business. The WSJ article, in particular, offers Trump’s camp ample space to respond. They strongly defend the tactics as hard but fair , but the paper notes that they “stood out as particularly aggressive in the industry and in the broader business world.”

Will Trump’s treatment of contractors affect whether or not you decide to vote for him?

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How Donald Trump Bankrupted His Atlantic City Casinos But Still Earned Millions

By Russ Buettner and Charles V. Bagli

    ATLANTIC CITY The Trump Plaza Casino and Hotel is now closed, its windows clouded over by sea salt. Only a faint outline of the gold letters spelling out T-R-U-M-P remains visible on the exterior of what was once this citys premier casino.

    Not far away, the long-failing Trump Marina Hotel Casino was sold at a major loss five years ago and is now known as the Golden Nugget.

    At the nearly deserted eastern end of the boardwalk, the Trump Taj Mahal, now under new ownership, is all that remains of the casino empire Donald J. Trump assembled here more than a quarter-century ago. Years of neglect show: The carpets are frayed and dust-coated chandeliers dangle above the few customers there to play the penny slot machines.

    On the presidential campaign trail, Mr. Trump, the presumptive Republican nominee, often boasts of his success in Atlantic City, of how he outwitted the Wall Street firms that financed his casinos and rode the value of his name to riches. A central argument of his candidacy is that he would bring the same business prowess to the Oval Office, doing for America what he did for his companies.

    Atlantic City fueled a lot of growth for me, Mr. Trump said in an interview in May, summing up his 25-year history here. The money I took out of there was incredible.

    Many others were glad to see him go.

    Also Check: How Many Bankruptcies Has Donald Trump Filed

    Bankruptcy Is Not Synonymous With Failure

    Although a corporate bankruptcy filing often indicates that a business is in a perilous financial condition, it doesnt necessarily sound the death knell for that business. The provisions of Chapter 11 of the U.S. Bankruptcy Code allow businesses to find ways to reduce their debt and restructure their operations without having to be shut down and liquidated to satisfy debts instead of closing their doors, businesses can stay open, pay their employees, and take in revenue while developing a budget and a repayment plan for creditors .

    Many of the United States largest and most prominent businesses have filed for Chapter 11 bankruptcy protection one or more times, including General Motors, Charter Communications, Delta Air Lines, Kmart, Macys, and the Texas Rangers baseball team.

    When Should I Declare Bankruptcy

    Middleboro Review: National Review Online Trump, Lies, and ...

    When asking yourself Should I file for bankruptcy? think hard about whether you could realistically pay off your debts in less than five years. If the answer is no, it might be time to declare bankruptcy.

    The thinking behind this is that the bankruptcy code was set up to give people a second chance, not to punish them forever. If some combination of bad luck and bad choices has devastated you financially, and you dont see that changing in the next five years, bankruptcy is your way out.

    Even if you dont qualify for bankruptcy, there is still hope for debt relief. Possible alternatives include a debt management program, a debt consolidation loan or debt settlement. Each one of those choices typically require 3-5 years to reach a resolution, and none of them guarantees all your debts will be settled when you finish.

    Remember that bankruptcy carries significant long-term penalties. It is stuck on your credit report for 7-10 years, which can make getting loans in the future very difficult.

    The flip side of that is there is a great mental and emotional lift when all your debts are eliminated, and youre given a fresh start.

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    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.

    Donald Trump’s Companies Filed For Bankruptcy 4 Times

    Trump still touts his business sense and wealth as qualifications for president.

    Donald Trump’s Bankruptcy History

    Trump has built an American empire from Las Vegas to New York with towering hotels and sparkling casinos. Forbes estimates he’s worth $2.7 billion. But not all of Trump’s business ventures have been constant money-makers. In 1991, 1992, 2004, and again in 2009, Trump branded companies or properties have sought Chapter 11 protection.

    “I’ve used the laws of this country to pare debt. … We’ll have the company. We’ll throw it into a chapter. We’ll negotiate with the banks. We’ll make a fantastic deal. You know, it’s like on ‘The Apprentice.’ It’s not personal. It’s just business,” Trump told ABC’s George Stephanopoulos last Thursday.

    A business declaring bankruptcy is nothing new in corporate America, where bankruptcy is often sugar-coated as “restructuring debt.” But it might seem alarming to everyday Americans who can’t get a bank to restructure their home loans. If you want to get Donald Trump hot under the collar, accuse him of declaring bankruptcy.

    Doug Heller, the executive director of Consumer Watchdog, said Trump is the “most egregious, almost comical example” of the disparity between what the average American faces when going through bankruptcy and the “ease with which the very rich can move in and out of bankruptcy.”

    “I’m a much bigger businessman. I mean, my net worth is many, many, many times Mitt Romney’s,” Trump said.

    Read Also: How Many Times Donald Trump File Bankruptcy

    Donald Trumps Business Failures Were Very Real

    Many of Donald Trumps tweets arent worth paying attention to, but on Tuesday morning he posted a pair that demanded inspection. Like many other people, me included, the President had apparently been reading a story in the Times that punctured the mythology surrounding his business career. Based on Internal Revenue Service transcripts of Trumps tax returns from 1985 to 1994, the Timesreport said that Trumps core businesses racked up losses of more than a billion dollars in a ten-year period. During 1990 and 1991, the story said, Trumps losses were so large that they were more than double those of the nearest taxpayers in the I.R.S. information for those years.

    Trump could simply have ignored the report or dismissed it as old news. But, with cable-news networks featuring it prominently, and the Daily News, one of Trumps home-town papers, running the front-page headline BIGGEST LOSER, he did what he usually does and counterattacked. This is what he wrote on Twitter:

    These are significant sums, certainly. But, as the Times article points out, depreciation charges arent nearly large enough to create the massive losses that Trumps businesses incurred. Some fraction of Donald Trumps losses can be attributed to depreciation, Susanne Craig, one of the authors of the Times piece, wrote in a , responding to Trump. We found most of it was just bad business.

    Lawsuits Over Congressional Subpoenas

    Donald Trump Bankruptcy Math Doesnt Add Up | NBC News

    In March 2019, the House Committee on Oversight and Reform opened an investigation into Trump’s finances, and issued a subpoena for ten years of his tax returns. Trump later sued the chairman of the committee, Rep. Elijah Cummings, seeking to quash the subpoena.

    In April 2019, Trump sued Deutsche Bank, bank Capital One, his accounting firm Mazars USA, and House Oversight Committee chairman Elijah Cummings, in an attempt to prevent congressional subpoenas revealing information about Trump’s finances. On May 20, 2019, DC District Court judge Amit Mehta ruled that Mazars must comply with the subpoena. Trump’s attorneys filed notice to appeal to the Court of Appeals for the DC Circuit the next day. On May 22, 2019, judge Edgardo Ramos of the federal District Court in Manhattan rejected the Trump suits against Deutsche Bank and Capital One, ruling the banks must comply with congressional subpoenas.

    On 25 February 2021, the House Oversight Committee in the 117th Congress, reissued the subpoena to Mazars USA for the same documents it had previously sought.

    Read Also: How Many Times Has Trump Declared Bankrupcy

    How Often Has Donald Trump Declared Bankruptcy

    Donald Trumps business record seems riddled with unfortunate events. Despite never having filed for personal bankruptcy, reports state that he filed for business bankruptcy at least four times. But, according to Trump, businesses file for bankruptcy often, and it was a financially intelligent move. He added that hundreds of companies have done the same thing he did.

    Breach Of Contract Matters

    2013

    In 2013 Trump sued comedian Bill Maher for $5 million for breach of contract. Maher had appeared on The Tonight Show with Jay Leno and had offered to pay $5 million to a charity if Trump produced his birth certificate to prove that Trump’s mother had not mated with an orangutan. This was said by Maher in response to Trump having previously challenged Obama to produce his birth certificate, and offering $5 million payable to a charity of Obama’s choice, if Obama produced his college applications, transcripts, and passport records. Trump produced his birth certificate and filed a lawsuit after Maher was not forthcoming, claiming that Maher’s $5 million offer was legally binding. “I don’t think he was joking,” Trump said. “He said it with venom.” Trump withdrew his lawsuit against the comedian after eight weeks.

    2014

    2015

    In 2015, Trump sued Univision, demanding $500 million for breach of contract and defamation when they dropped their planned broadcast of the Miss USA pageant. The network said that the decision was made because of Trump’s “insulting remarks about Mexican immigrants”. Trump settled the lawsuit with Univision CEO Randy Falco out of court.

    Disputes with both chefs were eventually settled in April 2017.

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    Us Bankruptcies 2020 Corporate Level

    6. As of September 2020, 470 companies have gone bankrupt.

    In light of the COVID-19 crisis that has negatively affected the economy, its not surprising to see more and more companies filing for bankruptcy. If we look at the historical data on corporate bankruptcies by year, the latest figure is bigger than the filings recorded during any comparable period since 2011.

    7. Based on bankruptcy statistics, the consumer discretionary sector has the largest number of bankruptcies 93.

    The bankruptcies 2020 report shows that most of the companies that filed for bankruptcy came from the consumer discretionary sector. The analysis is limited to public or private companies with public debts and assets or liabilities equal to $2 million or more at the time of bankruptcy filing. It also includes private companies having either assets or liabilities greater than or equal to $10 million at the time of filing.

    8. The first three quarters of 2020 recorded the highest number of mega bankruptcies 52.

    Historical bankruptcies data show that the number is greater than in any full year during the 20052019 period. The only exception is the year 2009 when mega bankruptcies reached 57. The analysis of mega bankruptcies covers companies with over $1 billion in assets at the time of filing.

    The Backstory On Donald Trump’s Four Bankruptcies

    Donald Trump And His Bankruptcies

    NEW YORK — Donald Trump has never declared bankruptcy, but his businesses have — four times.

    The real estate mogul, television star and Republican presidential frontrunner filed for corporate bankruptcy in 1991, 1992, 2004 and 2009. Three of the cases were related to his casino and hotel properties in Atlantic City, N.J.

    And even though more than six years have passed since Trump had his last run-in with Chapter 11, it remains a touchy subject. Trump was quick to clarify at the Republican presidential debate hosted by Fox News in August that he had never filed for personal bankruptcy. Instead, he cast his moves as part of his solid business acumen.

    “Out of hundreds of deals — hundreds — on four occasions, I’ve taken advantage of the laws of this country, like other people,” he said. “The difference is, when somebody else uses those laws, nobody writes about it. When I use it, it’s like, ‘Oh, Trump, Trump, Trump.’ The fact is, I built a net worth of more than $10 billion. I have a great, great company. I employ thousands of people. And I’m very proud of the job I did.”

    A Trump spokesman said many of the filings occurred when Trump was no longer involved in the businesses, blaming them on the declining casino market in Atlantic City. “It’s not fair to judge anyone of his success, and the empire that he’s built, on a particular investment without also looking at all of the great success he’s had,” he said.

    1991, Trump Taj Mahal

    1992, Plaza Hotel

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    Trumped: The Donald Has Filed For Bankruptcy Multiple Times What’s His Strategy And What Can It Teach You

    With a net worth in the billions of dollars, you would never have guessed it. But, lo and behold, Donald Trump has filed his businesses for bankruptcy four times since 1991. Was this a mistake? Did the billionaire Trump make a fatal error that caused his corporations to collapse? Just the opposite, in fact. Trump says that every bankruptcy filing was strategic. He even goes further to expand his strategy to the business community, in saying that every high-level business man should take advantageous of the laws, including the laws of bankruptcy. To understand Trump’s decisions, we fist must understand the full situation behind his actions.

    While Trump’s businesses have filed for bankruptcy Trump himself has never filed for personal bankruptcy. From 1991 onward, four of his businesses have filed for Chapter 11 restructuring. For a more in depth look at Trumps bankruptcies, take a look at a review of his bankruptcies. On a high level, here is how the Chapter 11 filings turned out:

    1.Trump Taj Mahal, 1991

    Trump had initially financed the establishment by selling north of $1 billion of “junk” bonds, with a promised return of 14 percent interest. When the economy tanked, the Trumpt Taj Mahal was over $3 billion in dept. What Trump then did, to make amends with his lenders, was giving up half of his ownership state and selling his plane and yacht.

    2.Plaza Hotel, 1992

    3.Trump Hotels and Casino Resorts, 2004

    What then, were the factors that enabled Trump to create his fortune?

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