Did You Know that Donald Trump Has Declared Bankruptcy 4 Times?

  • December 30, 2015

Donald is known for his real estate ventures, television shows and recently, political ambition. He’s come to be one of the most easily recognizable celebrities with a flashy style, iconic hairdo and straightforward manner. But did you know Trump has filed for bankruptcy four times?

And he’s not the only one. Plenty of celebrities from Mike Tyson to Francis Ford Copolla have filed for bankruptcy, be it personal or corporate. It leaves us with a common conundrum: “How can someone known for having so much wealth seemingly go broke so many times?

Am I Too Rich to Declare Bankruptcy?

  • December 16, 2015

There’s a strange phenomenon of people seemingly having plenty of money but filing bankruptcy. Many appear to come out successful after filing even multiple times. There are cases like Donald Trump, who has filed for bankruptcy through his corporations four times but maintains a net worth of $4.5 billion. Billy Joel has gone bankrupt three times despite a net worth of $160 million.

However, when you take a quick look at the requirements for filing for bankruptcy, you may wonder if your income limits your options.

Is it possible to be too rich to declare bankruptcy? Upon reviewing cases like Trump’s and Joel’s the answer appears to be a resounding no. However, there are some critical distinctions to be aware of.

Asked and Answered: Business Bankruptcy in Eastern VA

  • November 18, 2015

partnerships, you may file Chapter 7 or Chapter 13 bankruptcy. Be aware that filing for Chapter 7 on your own behalf will not discharge business debts.

You may also file for Chapter 7 on behalf your business. Chapter 11 bankruptcies are also available to LLCs, corporations and other small businesses. Only individuals are eligible to file for Chapter 13.

What You Need to Know About Small Business Bankruptcy

  • November 11, 2015

When people hear the term “small business bankruptcy,” images of overdue bills, piles of bank statements, and empty pockets often come to mind.

However, filing for bankruptcy doesn’t have to mean giving up your business forever or falling into financial ruin. In fact, a business bankruptcy will not affect you individually unless you guaranteed business debts or your business is a sole proprietorship.

Filing for bankruptcy may allow a business to eliminate some debt while restructuring their organization and staying in operation. Before pursuing any chapter of bankruptcy, it’s important to determine whether you are filing on behalf of yourself or your business.

Asked and Answered: Business Bankruptcy in Eastern VA

  • November 4, 2015

partnerships, you may file Chapter 7 or Chapter 13 bankruptcy. Be aware that filing for Chapter 7 on your own behalf will not discharge business debts.

You may also file for Chapter 7 on behalf your business. Chapter 11 bankruptcies are also available to LLCs, corporations and other small businesses. Only individuals are eligible to file for Chapter 13.

When You Should Consider Filing for Bankruptcy

  • April 2, 2015

People tend to avoid filing for bankruptcy for as long as they possibly can. There is good reason for this since it can have serious implications for your credit ranging anywhere from seven to 10 years. It is not something to take lightly. In situations where it is possible, paying off debts is always the better choice. However, there are times when bankruptcy is the only option. The following information will help you determine if it is time for you to file bankruptcy or not.

What to Look for to Find the Best Bankruptcy Lawyer

  • March 25, 2015

When you recognize that bankruptcy is imminent, then you need to choose the right attorney before you do anything. That’s because hiring the right lawyer will make a big difference in how successfully and smoothly things will go. Trying to handle the process on your own or with an attorney who doesn’t specialize in bankruptcy could be detrimental, putting your assets in a precarious situation and slowing down the whole process. So, here are the things you need to look for in order to choose the right attorney to represent you.

What to Expect After Filing for Bankruptcy

  • March 18, 2015

If you find yourself in a situation where you need to file chapter 7 or chapter 13 bankruptcy, then you can make the whole experience much less stressful if you know what to expect in the coming days. Once you have filed, there are still many things you will need to do, so let’s look at what those steps will involve so that you can get through the bankruptcy and then begin rebuilding your financial life.

Smart Ways to Improve Your Credit

  • March 11, 2015

As you may have already learned, your debt doesn’t just have to do with you paying people back for money you borrowed. It can also seriously affect future purchases, such as buying a car or a home. Anytime you need to apply for credit, if you have a past with financial problems, then you may not be approved, or you may end up with high interest rates. Things become even more difficult in the aftermath of a bankruptcy. Remember that a bankruptcy will remain on your credit report for as long as 10 years, and that means it can damage your credit for a very long time.

While you cannot make the bankruptcy disappear, there are some things you can do to improve your credit in the wake of such financial difficulties.

Are My Children’s Assets Protected in Bankruptcy?

  • March 4, 2015

When you file for bankruptcy, obviously, you will be concerned about any assets your children have. As a result, you may be left wondering what is going to happen and how it will affect the kids. You will need to speak with your attorney to clarify the details of this issue, because what happens will depend greatly on your children’s age and what assets they have. To help you get a better idea of what to expect, let’s consider different types of situations and scenarios that could arise depending on you, your children, and the assets.