On June 16, Donald Trump officially announced his plans to run for the Republican presidential nomination. As a potential presidential candidate, Trump, who has been one of the most notorious entrepreneurs and corporate bigwigs (literally) over the last three decades, will undergo more financial scrutiny than ever before.
Already, his claims that he is worth $8.7 billion have been called into question by skeptics, according to Vanity Fair. Recently, Forbes magazine disproved Trump’s claim, putting his personal net worth at a “meager” $4.1 billion.
And while Trump himself might be known for wise financial habits — he’s never actually sought bankruptcy help under the Chapter 11 or Chapter 13 bankruptcy timeline himself — many of his business ventures can hardly say the same. He’s had multiple businesses fall into bankruptcy, adding to the 1,071,932 bankruptcies (in particular, the 8,980 Chapter 11 bankruptcies and 333,626 Chapter 13 bankruptcies) filed each year.
Still thinking of voting for Trump in the Republican primaries — or even the presidential election itself? Here are three of the most memorable bankruptcy filings from Trump’s long, storied history of doing business:
1991: Trump’s Taj Mahal
Back in 1991, Trump’s Taj Mahal was going bankrupt — and with Trump’s personal liabilities at around $900 million, his own fortune was equally in danger. The business filed for Chapter 11 bankruptcy, which allowed Trump to restructure his debt while keeping the Taj Mahal casino open.
2004: Trump Hotels and Casinos Resorts
With more than $1.8 billion dollars in debt, 2009 saw another Trump corporation slide into Chapter 11 bankruptcy. In the bankruptcy, Trump surrendered much of the control he had over the company — as well as $72 million of his own money to keep the venture afloat through its bankruptcy.
2009: Trump Entertainment Resorts
Trump’s most recent brush with bankruptcy came in 2009, when the company’s failure to make a $53.1 million bond interest payment forced it to announce bankruptcy. During this fiasco, Trump ended up resigning as head of the Trump Entertainment Resorts board. These days, he calls the business a “worthless” investment.
What are your thoughts on Trump’s record of sending his businesses to seek out Chapter 11 bankruptcy attorneys? Have any other questions about seeking bankruptcy help from a Chapter 7 bankruptcy or Chapter 13 bankruptcy attorney? Let us know by leaving a comment below.