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TRUE STORY .. Mr. Donald J. Trump remain as chairman and CEO of Trump Organization and continue to collect a $2 million dollar paycheck. So…how does a CEO decide to file for bankruptcy twice and still come out at the top of the heap?
No Personal Involvement
First, Trump doesn’t get personally involved. He knows how to protect his personal finances. In both instances, Trump’s corporations have filed for bankruptcy; but not personally. Therefore, when his casino fell into about a billion dollars in debt. Trump only made the decision to do so once he had spoken to his banks and bondholders.
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Just a few years ago when Melody Brooke applied for credit in anticipation of co-signing a loan for one of her adult children, she was told she had such good credit that she could buy a jet.
Today, she couldn’t buy a toy truck. The combination of a weak economy, which forced her to close her private counseling practice and caused her husband to lose a lucrative contract, has taken her family from a six-figure income to barely any income at all. To add to the constant barrage of debt collectors calling them, her husband hasn’t been able to obtain a job. “He’s only gotten two interviews and one offer,” says Brooke, who lives in the Dallas area with her husband. “But when they ran our credit, they told him they couldn’t hire him.”
The current financial crisis has brought about many economic anomalies, including throwing a whole new subset of the population on the radar of debt collectors – upper-middle class and affluent consumers like Brooke.
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