• Famous Bankruptcies: Donald Trump

    “I don’t like the ‘b’ word,” Donald Trump said from the witness stand in a New Jersey bankruptcy courtroom in 2010. Oddly enough, it was during the third time that Trump Entertainment Resorts Inc. was going through Chapter 11.

    “I never went bankrupt, and a lot of people did go bankrupt,” Trump told the congressional newspaper The Hill for a story published on December 6, 2011. Technically, “the Donald” has never filed for personal bankruptcy, but he has filed for corporate bankruptcy-four times, actually, between 1991 and 2009.

    This segment on celebrities who have filed bankruptcy was an idea that came from the way that financial problems were being used to try and discredit women accusing former presidential candidate Herman Cain of sexual impropriety. Now that Trump himself is once again hinting at the possibility of running as an independent candidate, it only seems fair to ask why Trump does not receive the same type of scrutiny.

    Fortunately, the Wall Street Journal did just that when Trump was first grandstanding discussing running for the Republican nomination back in April. You can see his visible anger in regards to the bankruptcy issue when Kelly Evans asks why “someone who filed for bankruptcy multiple times” should be “running national finances at a time when we have a big debt problem” at the 3:30 mark in this video interview:

    Got that? Donald has used the laws of this country to negotiate corporate debt deals, but has never filed bankruptcy. During a December 7 interview with Neil Cavuto on the same Fox News network that Trump expressed admiration for in the above Journal interview, when the bankruptcy question was asked again, Trump again vehemently denied the charge and said it has been “so incorrectly reported, it’s amazing.” “I’ve opened up a wound here,” Cavuto said.

    Again, whether you simply need foreclosure help or have suddenly found your debt has gotten out of your control, you need to know that people on both ends of the financial spectrum have used bankruptcy court to get a fresh start. If you fear that filing for Chapter 7 or Chapter 13 bankruptcy will prevent you from ever getting “the ultimate job interview” on “The Apprentice,” keep in mind that the host of the program’s companies bearing his name have certainly been no stranger to that “b” word he supposedly dislikes so much.

    Benjamin Brand Services – Chicago bankruptcy lawyer

  • Protesters Move from Occupying Wall Street to Occupying Foreclosed Homes

    The movement known as Occupy Wall Street led to an offshoot called Occupy Our Homes on December 6, 2011. The Atlantic reported that there were 25 actions planned nationwide for that day involving plans to protest what activists said are unfair lending practices by banks. Five of those, including Chicago, involved protesters actually moving into homes.

    According to the Atlantic, in the second house takeover of the day, organizers said two formerly homeless women and a 1-year-old baby would move into a house whose owner had decided to move out months ago rather than get foreclosure help . In the ensuing months, Occupy Our Homes said on its website that the home was “vandalized, sprayed with graffiti, and stripped of its pipes, sinks, and heating units.”

    “Crackheads came in and turned it into a crackhouse,” J.R. Fleming of the Chicago Anti-Eviction Campaign J.R. Fleming told the Atlantic. “They stripped all the copper out of the unit, they stripped out all the aluminum.”

    The Atlantic noted that it was the only abandoned house on the block, and after proving to police that homeowner Brenda Walker had “given her blessing,” the group arranged for Ebonee Stevenson, Shirley Henderson and Stevenson’s 1-year-old cousin to move in. Fleming told the Atlantic that “about 30 to 40 approving neighbors and community organizers” looked on as the tenants moved in after a prep crew had replaced the fixtures, piping and wiring. The group received no resistance from police, Fleming told the Atlantic.

    If you do not want to wait for a group of activists to help you deal with a foreclosure, you should know that filing for Chapter 7 or Chapter 13 bankruptcy can allow you to legally stay in your home as well as reduce, restructure or eliminate your debt. What are your feelings about the Occupy Our Homes movement? Do you think this sort of activity will continue?

    Benjamin Brand Services – Chicago bankruptcy lawyer