Donald Trump and Bankruptcy
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Donald Trump and Bankruptcy
Historically in the United States, bankruptcy is a term that has carried an extremely negative connotation Those who file for bankruptcy protection are seen, mostly by themselves, as failures who could not meet their monthly obligations Unfortunately, this is almost always an inaccurate way to think about and approach bankruptcy, as you’ll see below . .Donald Trump . .When people think of successful businessmen in the United States, many will either immediately or quickly think of Donald Trump He’s long been famous for his aggressive business tactics and his willingness to make the ‘big deal’ that makes a huge splash with the media Most of Trump’s success has been within the real estate field, but as anyone who’s been paying attention in recent months understands, the real estate market is in dire straits . .When a market-wide crash occurs as it is right now, no one is exempt from its effects That includes Donald Trump, whose real estate company has also fallen on hard times given the dropping values of land and property, the extreme difficulty with obtaining competitive financing and the lack of ability to sell property at a price that presents a profit to the seller . .As a result, Trump’s real estate company recently filed for bankruptcy Since it was technically a corporate bankruptcy petition, filed under Chapter 11 of the United States Bankruptcy Code, Trump’s individual assets are not at risk However, his company must now be reorganized under the tenets of bankruptcy law and it must meet all the criteria set out by the court in order for the reorganization to be accepted and to ultimately be successful in getting the company back on its feet . .Not the First Time . .Additionally, this latest filing for bankruptcy protection is not the first time one of Trump’s development companies has sought bankruptcy protection Trump’s company also filed for bankruptcy protection in 1991 during the previous American recession and for many of the same reasons - his company owed too much money and his assets could not be sold to the point where the company could meet its obligations . .Lessons Learned . .What anyone should take from this brief bit of history is that anyone can fall into hard times financially and because of circumstances beyond his or her control Those who may be struggling should also understand that bankruptcy is not an end, but rather a beginning anew, as Trump has already proven .
Source: www.rsstnx.com
Bankruptcy Around the World
Wherever you go in the world, finance is a language that is spoken fluently by some, and a completely indecipherable one for others There is such a wide range of topics connected with finance that a strong command of rules, regulations and options coupled with an ability to recognize money-making opportunities can bestow real purchase power upon an individual However, the world of finance is so fast-moving that if you take your eye off the situation for even a moment, you can end up in serious difficulties No matter where you are in the world, the circumstances that lead to bankruptcy exist And where the circumstances exist, so does the practice Just like in America, people go bankrupt all over the world Many of the practices are much the same - but there are some differences . .In Australia, for example, the process of filing for bankruptcy is largely similar to that in the United States You can commence proceedings yourself, or it can be the subject of a petition from a creditor looking to realize some of their asset - your bad debt - before you become a “won’t pay” customer However, a bankruptcy term in Australia is three years, but with the potential to pay it out If, before the three-year period is up, you can pay the debts off in full the bankruptcy will be annulled This encourages individuals to see bankruptcy as an opportunity to learn sound financial practice It is also possible to raise an Offer of Composition, which pays each creditor a certain percentage of what they are owed If they accept the settlement, the bankruptcy can again be annulled . .In Canada, it is possible to file a consumer proposal as an alternative to bankruptcy if your debt amounts to more than $5,000 and less than $75,000 The higher figure does not include the mortgage on the debtor’s home For debts larger than $75,000, it is necessary to file for bankruptcy under which there are additional rules and requirements, which include the appointment of a “Proposal Administrator” who is given the task of overseeing the debt to ensure that it is fully analyzed In many cases, creditors will choose to accept the consumer proposal even though it generally entails paying a reduced amount, because they will receive less under bankruptcy rules . .In the United Kingdom the Enterprise Act of 2002 made it possible for a bankruptcy to last less than 12 months This has led to a larger number of people filing for bankruptcy and a suspicion that many of those filing are people for whom bankruptcy is simply another financial service However, the banks themselves are markedly reluctant to lend money to a recently bankrupt individual, and in most cases it will take six years for bankruptcy to roll off an individual’s credit record, making it virtually impossible to get credit on anything resembling reasonable terms While some lenders have begun to offer loans and credit cards at prohibitive rates of interest, individuals are strongly discouraged from taking them . .Disclaimer: This article is for informational and entertainment purposes only, and should not be construed as legal advice on any subject matter .
Source: www.rsstnx.com
