Bankruptcy Law Blog

Friday, January 22, 2016

Trump Pushed to the Brink of Personal Bankruptcy in Past

Is personal bankruptcy only for the middle class?

When you think about personal bankruptcy you probably conjure up images of middle class people struggling to make ends meet.  While personal bankruptcy is available to help people in that situation, others, who are much wealthier and well known, also take advantage of this process.  Looking for a fresh financial start, celebrities and business people alike have filed for, or come close to filing for, personal bankruptcy.  Some of these individuals include entertainer Michael Jackson, Boxer Mike Tyson and businessman and presidential candidate Donald Trump.

Before considering presidential office, Donald Trump spent years amassing a fortune through real estate and other business deals.  He is estimated to be worth approximately $4 Billion.  But, in the 1990’s, Trump almost saw it all flash before his eyes.  He was even faced with a possibility of personal bankruptcy.  At this time he owned various property holdings, companies and other assets.  He and his companies owed approximately $3.4 Billion that they could not repay.  Creditors could have seized many of his assets and the worst part being that the Donald had personally guaranteed about $830 Million of the debt.  These debts forced him to the brink of personal bankruptcy.  Although Trump has filed for business bankruptcy on a number of occasions, he narrowly escaped personal bankruptcy when he struck a deal that allowed him to pay back these debts over a number of years.  He also used money from his holdings in Atlantic City, New Jersey to keep him afloat during this time.  In fact, three of his casinos filed for business bankruptcy.

Bankruptcy can be personal or business, simple or complex.  If you are facing personal bankruptcy you need experienced counsel by your side. 


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