BANKRUPTCY/TRUMP BUSINESS: “Donald Trump brags about how well his businesses have fared in bankruptcy. And in fact, no major U.S. company has filed for Chapter 11 more than Trump’s casino empire in the last 30 years.
‘I have used the laws of this country … the [bankruptcy] chapter laws, to do a great job for my company, for myself, for my employees, for my family,’ he said during the first Republican presidential debate on August 6.
Trump claims that successful businesses file for bankruptcy all the time. At the debate he said ‘virtually every person that you read about on the front page of the business sections, they’ve used the [bankruptcy] law.’
But the facts don’t back that comment up…
Trump has never filed for personal bankruptcy. But he has filed four business bankruptcies, which Bankruptcy.com says makes Trump the top filer in recent decades. All of them were centered around casinos he used to own in Atlantic City. They were all Chapter 11 restructurings, which lets a company stay in business while shedding debt it owes to banks, employees and suppliers.”
-Chris Isidore, “Everything you want to know about Donald Trump’s bankruptcies,” CNN Money, CNN.com, Aug. 31, 2017 08:23am