Haven't really even explored how I feel about this issue. There are already a plethora of reasons preventing me from voting for him.

 

However, I don't see it as that big of a deal.

Yeah let's lock 'em up in debtors' prison like King John!

 

Our system of bankruptcy is the envy of the western world. Personal bankruptcy is difficult and expensive to accomplish, at least following the 2005 reforms. Business bankruptcy is one of the things that make entrepreneurship possible. Who would ever start a small business knowing that if it didn't work out, they'd be on the hook for any of those debts the rest of their lives?

 

Sure, place the debt on those they screwed.

Do your homework before jumping into a new business.

 

Notice how I voted in this poll. A bit contradictory?

So what do you call what the government is doing every day?

 

I consider them to be doing one of those pyramid marketing scams. Spending all the money, borrowing more, one day it will come to a screeching halt.

I don't think a thing about the bankruptcies. http://www.politifact.com/truth-o-meter/statements/2015/sep/21/carly-fiorina/trumps-four-bankruptcies/

Sure, place the debt on those they screwed.

Do your homework before jumping into a new business.

 

Notice how I voted in this poll. A bit contradictory?

 

Bankruptcy has been on the books for a long time. We'll agree to disagree on how important that system of laws is in our economy. Don't want to feel the brunt of bankruptcy laws? Don't offer credit.

This should be more damning than his bankruptcies. Imagine Trump as president while reading this.

 

What Donald Trump’s University Reveals About His Nature

Bankruptcy has been on the books for a long time. We'll agree to disagree on how important that system of laws is in our economy. Don't want to feel the brunt of bankruptcy laws? Don't offer credit.

 

Can you lend me $100? I'm good for it. :lol2:

Id have to think some of those investors don't consider these bankruptcies to be no big deal. Some of those people had to lose a lot of money.

Bankruptcies are a common enough occurrence that I think people understand them as a business maneuver and not necessarily an indication of complete failure.

The various lawsuits he's endured ought to be more troubling, like the one over Trump University.

 

I think you are overestimating the intelligence of the average American.

To me the bankruptcies are a government problem, not a Trump problem. The government is who allows anyone and everyone to declare bankruptcy to save themselves or their businesses. Trump just took advantage of it a few times, don't think anyone else wouldn't do the same, especially the crew in Washington. The thing is, he has admitted to doing it, due to the loophole. Ask some of the others that have done it and see how many deny doing it for personal gains.

Yeah let's lock 'em up in debtors' prison like King John!

 

Our system of bankruptcy is the envy of the western world. Personal bankruptcy is difficult and expensive to accomplish, at least following the 2005 reforms. Business bankruptcy is one of the things that make entrepreneurship possible. Who would ever start a small business knowing that if it didn't work out, they'd be on the hook for any of those debts the rest of their lives?

 

Good post. Also, as a banker, I know a little about bankruptcies. Trump has never filed a personal BK. He has filed business BK's. I believe they were all Chapter 11's but I am not sure. Chapter 11 means that the company is reorganizing its debts because it cannot pay everyone it owes 100% of what is owed. A plan is submitted and all creditors have the ability to weigh in and either they all agree or the court decides who gets what in the BK. I don't think he ever filed a Chapter 7 for any of his businesses (not sure about that). A chapter 7 is a total liquidation of the company.

Trump probably owns over 100 businesses and has filed a BK four times. His track record in this area is pretty good but certainly not perfect.

I feel like I have to keep defending Trump even though I think he is a HUGE gamble if elected president. I just think people hear BK and don't really know exactly what it means...it can mean many different things.

I am more concerned about the bankruptcy and public bailout of a company like General Motors where the bond holders and shareholders got hosed twice. Once when their bonds and stocks were devalued to nothing and again when their tax dollars were used to bail out the company that had just screwed them.

Bankruptcy is theft!

You over spent, lived outside of your means or committed to something you could not pay back.

Someone got cheated out of money because of your bad decisions or lack of sight into the future.

 

So you're referring to our current government as a whole also.

So you're referring to our current government as a whole also.

 

Pretty much yes. I guess that's why I voted that it wouldn't influence my decision.

Bankruptcy is theft!

You over spent, lived outside of your means or committed to something you could not pay back.

Someone got cheated out of money because of your bad decisions or lack of sight into the future.

 

In many cases one would have to view it as thieft where the victim helps the thief.

 

Banks are supposed to validate the ability to pay back a loan or have collateral to back up the loaned amount or in the case of a business loan - review the business plan for viability and risks.

 

But banks make their monty lending. Conservative lending practices keep them from 'growing their business (and profits)'. So they get lax or lazy or they just factor in so many bankruptcicies or defaults and just keep going. They will especially do that when they know they are 'TBTF' and will get a bailout out. Ironically, when the Federal government bails them out the government is using funds - borrowed from THE bank - the Federal Reserve.

 

100% mortgages (vs 20% down in case of foreclosure), cheap and easy and easy money, etc. are all signs of banks that are willing to take the risk and even know that a certain percentage of go bankrupt or default. They just build it into the rates - until something like 2008 happens.