“Hillary Clinton is a lawyer, unlike most of the population out there, and KNOWS Trump never liquidated creditors in a typical bankruptcy. Every media report repeated her lie dozens of times yesterday. People think there is one kind of bankruptcy and have no clue about Chapter 11 reorganization to PAY OFF THE CREDITORS. (photo)
Donald Trump has NEVER filed personal bankruptcy!
Law Dictionary: How is Donald Trump Able to File for Bankruptcy So Many Times? http://thelawdictionary.org/article/how-is-donald-trump-able-to-file-for-bankruptcy-so-many-times/
Written by James Hirby | Fact checked by The Law Dictionary staff
People might ask “How is Donald Trump able to file for bankruptcy so many times?” The answer is “He didn’t.” Trump himself has never filed for bankruptcy.
His corporations have filed for Chapter 11 bankruptcy four times. By filing for Chapter 11 bankruptcy, the corporation is allowed to continue running while restructuring and reducing its debt. By allowing the business to continue, employees still have their jobs and the business is still making money. Corporate debts still need to be repaid but they may be reduced. The corporation must develop a repayment plan and corporate budget. Both must be approved by the creditors and by the bankruptcy court.
WE are talking about FOUR companies out of hundreds which Trump has made successful, and he used Chapter 11 to make them work…. yet this lying old hag says Trump will ‘bankrupt’ the nation…She and Bill and Obama did that! NOT DONALD TRUMP! “
Reposted for those who missed this. I will keep reposting this on social media. You all please do the same! Good job!
Here is another good article form last summer.
When it comes to the issue of Donald Trump’s bankruptcy, we are only concerned with Chapters 7 and 11.
That’s because a Chapter 7 filing is indicative of poor financial management skills on behalf of the debtor — a red flag for voters evaluating a presidential candidate. But a Chapter 11 filing doesn’t necessarily indicate poor management. In fact, it can be seen as a tool that improves a company’s value for investors.
Here’s the difference:
Chapter 7 bankruptcy: Allows an individual to be freed of most debt in exchange for a ruined lined of credit for 10 years.
Chapter 11 bankruptcy: Allows a corporation to stay in business while it restructures its business and attempts to reduce its debt.
When Trump tweeted, “I never went bankrupt,” he was being truthful. The real estate magnate has kept good order of his personal finances.
You see, all four of Donald Trump’s bankruptcies were the Chapter 11 type. Each resulted from over-leveraged casino and hotel properties in Atlantic City. [snip]
http://moneymorning.com/2015/07/07/donald-trump-bankruptcy-a-breakdown-ahead-of-the-2016-elections/
In business “bankruptcies” the terms are renegotiated......banks make out like bandits.
In one bankruptcy, Trump had to sign over 50% of a casino to the bank.
Thanks for that ping, SJB!