The article is misleading and mostly wrong.
Misleading - the average reader understands the term *bankruptcy* to be the kind of asset liquidation and debt retirement.
NB.
Trump has never filed for Personal Bankruptcy.
The purpose of Chapter 11 is to keep people like Trump out of Chapter 13?
Wrong again.
When a business enterprise has continuing enterprise value which permits it to pay all its bills on a current operating basis, the general credit problem is cost of capital. Eleven is a device to provide for restructuring of the capital structure of the entity to permit it to continue operations, preserving jobs and productivity.
An eleven is part of the legal system in place when the enterprise borrowed the money; the lender knows if there is a payment problem, eleven exists as part of the solution.
And this fiction generally about *excessive debt* and the fact that the individual owner of a business borrower is at fault for having too much of it is also incorrect in the modern world.
The lending institution has a decision to make about loaning money to an entity--the fault for excessive debt is usually the greed of the lender who takes the risk of a reorganization proceeding when the enterprise is not as successful as the lender wished for.
In most cases, absent a Chapter 11 solution, the lender gets the business back and lacking the management capability to continue to operate, liquidates the assets and closes the doors.
There may be lots of reasons not to like Trump or not to vote for him but this is just not one of them.
Thanks, David.