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I'm glad it's an option too for people/families who are drowning in medical debts, but dire Trump.
How many millions of people were permitted to short-sell their home during the last recession and stiff they banks for the balance and not pay tax on what was "foregiven"?
who declared bankruptcy at least 6 times? Putin and the Russian Mafia that is who/whom.
Wake up all you who are asleep.
And yet you enjoy paying taxes to an entity that is swimming in debt, incompetent, and couldn't finish one of its over-priced projects on time if you gave them a deadline of eternity.
And yet you enjoy paying taxes to an entity that is swimming in debt, incompetent, and couldn't finish one of its over-priced projects on time if you gave them a deadline of eternity.
It's not just that, although that is one of the primary reasons for individuals filing for bankruptcy. The other is job loss.
As for Trump - he NEVER declared personal bankruptcy. His businesses did. There is a difference.
True (personal bankruptcy), although to the creditors that lost money, it probably did not make them feel better to know that Mr. Trump's personal assets were safe, while the companies he led went under.
Let us recall a man of character, Samuel Clemens, or "Mark Twain", whom I like to cite.
Mr. Clemens once got into dire financial difficulties. Many of his friends and advisors recommended that he declare bankruptcy. He did so. However, he also declared that none of his creditors would lose a dime. He divested himself of most of his personal assets, but retaining his copyrights (as per agreement with the creditors), and spent the next three years circling the globe to earn money to pay his creditors back (he was 66 when he started the tour, considered an old man in those days).
At the end of those three years, Mr. Twain had paid back every dime he owed. He knew that, as a writer and observer of the human condition, his stock in trade was his integrity, and he was determined to keep it.
To descend into a financial state where your corporation (a legal entity created to limit liability, after all) must resort to bankruptcy, can be seen as unfortunate, for the first filing.
If the same person files for a second bankruptcy, eyebrows must be raised. Third time? Fourth time? Fifth time? Sixth time?
After six times, it is no longer a series of unfortunate events. It starts to smell of a continuing criminal enterprise. Something smells rotten.
True (personal bankruptcy), although to the creditors that lost money, it probably did not make them feel better to know that Mr. Trump's personal assets were safe, while the companies he led went under.
Let us recall a man of character, Samuel Clemens, or "Mark Twain", whom I like to cite.
Mr. Clemens once got into dire financial difficulties. Many of his friends and advisors recommended that he declare bankruptcy. He did so. However, he also declared that none of his creditors would lose a dime. He divested himself of most of his personal assets, but retaining his copyrights (as per agreement with the creditors), and spent the next three years circling the globe to earn money to pay his creditors back (he was 66 when he started the tour, considered an old man in those days).
At the end of those three years, Mr. Twain had paid back every dime he owed. He knew that, as a writer and observer of the human condition, his stock in trade was his integrity, and he was determined to keep it.
To descend into a financial state where your corporation (a legal entity created to limit liability, after all) must resort to bankruptcy, can be seen as unfortunate, for the first filing.
If the same person files for a second bankruptcy, eyebrows must be raised. Third time? Fourth time? Fifth time? Sixth time?
After six times, it is no longer a series of unfortunate events. It starts to smell of a continuing criminal enterprise. Something smells rotten.
While I can understand your perspective on Trumps businesses (note: multiple, more than one) I respectfully disagree. If one company files many times, that may be an indication of problems. But multiple companies filing once each? Even twice - does not indicate there are nefarious practices, but perhaps a risky venture that didn't pan out. To truly state one way or the other would require intimate knowledge of each bk filed.
And while Mr. Clemens is to be admired for his actions - he was (admittedly) famous at the time of his financial difficulties and had the resources to 'circle the globe' selling his works. Most people who file bankruptcy don't have that option. Sometimes there is just not enough a person can do.
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