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How Many Times Did Donald Trump File for Bankruptcy?

Posted by Seymour Wasserstrum | Jan 31, 2018 | 0 Comments

When Donald Trump was president, I often told my clients that were concerned about whether filing for bankruptcy was a good thing for them, something like the following:

In my opinion, Donald Trump must be highly in favor of bankruptcy, since he has filed at least 6 bankruptcies for his businesses. 

Donald Trump's business empire is supposedly worth billions.. I wonder if he would be a multi billionaire if he had not taken full advantage of the fairly liberal United States Bankruptcy laws.

Over the last few years, about 1 million or more people have been filing for bankruptcy each year. As more people learn the real truth about bankruptcy and it's benefits, who knows, maybe 2 million or more people might file for bankruptcy this year.

If the President of the United States used our bankruptcy laws to get a fresh financial start for his businesses on at least 6 different occasions, why would anyone else hesitate to use our laws for the purposes for which they were intended: to legally forgive your debts so that you can begin anew, and have a much brighter financial future for yourself and your family in the years ahead.

Bankruptcy is your legal right under the United States Constitution, and many people will tell you that bankruptcy got its start in the Bible, in the Old Testament book of Deuteronomy, which speaks of forgiveness of debt every 7 years and the Year of Jubilee.

If you file a successful Chapter 7 bankruptcy, all or virtually all of your debts will be totally forgiven by the federal government in less than 4 months. By way of illustration, people who file a successful bankruptcy can be fully released from the following debts: credit cards, medical bills, personal loans, mortgages, car payments, some old income taxes, legal fees, utility bills and phone bills, pay day loans, surcharges on their driver's license (and have their driving privilege restored, if it was revoked only due to surcharges), stop wage garnishments, release money from frozen bank accounts, and lots more. People can also stop foreclosure on their home, stop sheriff's sales, reduce monthly mortgage payments and car payments, stop people from suing them, stop repossessions of their vehicle, and (if they act quickly) get their vehicle back after it has been repossessed.

Bankruptcy can shift the balance of power. When people owe all of this debt, the creditors usually have all of this power over them. But when they file for bankruptcy, suddenly the balance of power can shift to the person filing for bankrupcty, because filing for bankruptcy gives you all of these legal rights.

Please realize that bankruptcy can be a very very powerful weapon in favor of the person that files for bankruptcy. 

Based on all of the above, I often told my clients something like this: “Why not be smart, and think like a business person. Why not make a decision based on strictly business facts without you getting emotionally involved? I mean, you could look at your financial situation, and think what would a smart business person do if he or she were running a business and had all of this debt that was causing them continual stress and suffering?  What do you think Donald Trump would do if he were faced with your situation?”

So if you were to ask me, what do I think Donald Trump thinks about bankruptcy? Well, this totally a guess on my part, but I would guess that Donald Trump might say something like this:

“In the right circumstances bankruptcy is one of the smartest things a person can do. Be intelligent, and don't worry about those credit card companies; they probably make billions like me every year, and they won't miss you.

“You didn't get a bailout when those big banks got bailed out did you? Well, you have the right to use bankruptcy as your legal bailout, and if you need to file bankruptcy more than once or twice, as long as it's legal, do it. So don't feel bad or guilty, feel smart and happy.

“Take it from me, when done right, bankruptcy can be fun, and if you file a Chapter 7 and all of your bills are wiped out in about 4 short months, why not have a big party and celebrate your victory over debt.”

Of course this is all hypothetical, and I am using this as an illustration with the intention to help people understand that bankruptcy can be a very positive experience. People often get not only big debt relief, they often also get major stress relief. They often stop the pain and suffering, and face the future with a much brighter outlook for their life and the lives of their family members.They can suddenly go from serious feelings of doubt, despair, and depression, to now seeing the possibility of a vision for a bright and compelling future.

The past does not equal the future unless you live there. So maybe, just maybe your future can be a lot brighter if you take advantage of our bankruptcy laws and start a new journey on the road to a much brighter financial future, hopefully with health and happiness.

If you are interested in learning more, see Seymour for a free consultation, and I will use my 47 years of experience as an attorney to hopefully help you get the result you need so that you can have a future fresh financial start, lots of debt relief, and maybe even more importantly, lots of stress relief. 

If you'd like to talk and learn more, you can reach me at 856-696-8300. I'll be happy to talk to you about your situation without charge for the initial consultation. No obligation whatsoever. I can also email you my new 2021 Bankruptcy Success Guide, which will provide you with a lot more detailed information.

About the Author

Seymour Wasserstrum

A Personal Look at Attorney Seymour Wasserstrum and the History of his Firm I was born in Augsburg, Germany on June 25, 1948, the only child of Sam and Clara Wasserstrum, who lost virtually their entire families in the Holocaust. My parents came to the United States with me, as immigrants, by sh...

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Seymour Wasserstrum helps people who are facing financial challenges throughout the state of New Jersey. We have five offices conveniently located to serve our clients.

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