Donald Trump's Corporations Filed Bankruptcy Cases Everyone likes to make fun of Donald Trump. Myself included*. He's an easy target. Especially his hair. One of the "jabs" detractors repeatedly throw at him is that he filed bankruptcy. They intend to imply that since he filed bankruptcy, he's therefore unfit to lead, or run a business, or pretty much do anything. This is wrong for a number of reasons: Donald Trump never personally filed bankruptcy; and Even if he did (and [...]
One of the many myths about filing bankruptcy is that you will lose all your home and other assets if you file. I hear this all the time from potential clients of mine, as well as other professionals with whom I network, people at cocktail parties, and others. It's simply not true. In fact, if you have any assets sold involuntarily by the trustee in a bankruptcy case it's likely because you got bad advice or filed the wrong chapter [...]
Can a bankruptcy trustee take assets years after you receive a discharge? How long can the Trustee keep the case open to pursue assets?
If your bank suddenly wipes out your mortgage, is that a good thing, or will you end up with a huge tax liability?
How and why it is possible to file bankruptcy and keep all your assets. Is this the exception or the rule?