What would Donald Trump Do? by Attorney Bill Johnson
When people think of Donald Trump they think of one of the worlds wealthiest individuals. They do not think of someone who filed for bankruptcy (4 times), yet that is exactly what Donald Trump did. Donald Trump created one of the most iconic casinos in Atlantic City, The Trump Taj Mahal. When his casino went into hard times (because of the market and over-leveraging for other ventures) Mr. Trump filed for protection under the Chapter 11 Bankruptcylaws.
"I've used the laws of this country to pare debt. ... We'll have the company. We'll throw it into a chapter. We'll negotiate with the banks. We'll make a fantastic deal. You know, it's like on 'The Apprentice.' It's not personal. It's just business," Trump told ABC's George Stephanopoulos.
Even though Donald Trump filed for Bankruptcy, I doubt many people would let that change their opinion of him (a smart, shrewd businessman). Donald Trump needed to weigh the impact of filing a bankruptcy and what it would do to his reputation. The fact that Donald Trump was able to use the Bankruptcy Laws to his advantage and maintain his reputation says a lot about Donald Trump, don't let the fear of what other people may perceive of you get in the way off making prudent financial decisions. I meet clients every day who put off making prudent financial decisions based on what they may think of themselves or what other people may think, and they are no where near the image pressure Donald Trump is under. I've met hundreds of clients over the years (almost 20 years now) who make good money, who may have gotten in over their heads with credit cards, and refused to take the steps necessary to correct their situations (potentially filing a bankruptcy) because of how it may look. I've had several instances where a client had $50,000 to $60,000 of credit card debt. These clients may be paying $1,200 to $1,500 in interest each month just to service this debt. These clients may be making good money and can service this debt but may not be able to reduce the debt. After one year of servicing the debt they have paid over $10,000 in interest charges and still owe the original $50,000 to $60,000 of debt. Even though this person may be able to service this debt and avoid filing bankruptcy, is this the most prudent financial decision? My answer would be an unequivocal NO. I've taken many of these clients and put them in a Chapter 13 Reorganization so they could pay $1,000 dollars each month, or potentially less (depending on their budget), and after the first year the debt has now dropped to $40,000 and their credit score has increased because of a lower debt to income ratio. The best part of all of this is the client begins to see a light at the end of the tunnel and not the fear it is another train heading in their direction. The moral of the story is - to make prudent financial decisions versus worrying about what other people may think. You will prosper financially in the end. I welcome you to call me at 866-261-8282 with any questions you may have. My firm offers free consultationsto allow you to explore your options for:
- Debt consolidation,
- Debt elimination or
- Debt settlement.
Our goal is always the same: help clients resolve their debts now to secure long term financial freedom.