Trump's owned over 100 separate businesses and has declared Chapter 11 bankruptcy 6 times.
Even if those 6 bankruptcies meant the businesses failed, which they didn't, a 95% success rate for businesses is quite impressive, considering 50% of businesses fail within their first 5 years.
Chapter 11 is known as a restructure or reorganization bankruptcy.
What Is Chapter 11?
Chapter 11 is a form of bankruptcy that involves the reorganization of a debtor's business affairs, debts, and assets. It is also referred to as a "reorganization" bankruptcy.
Key Takeaways
A Chapter 11 bankruptcy allows a company to stay in business and restructure its obligations.
If a company filing for Chapter 11 opts to propose a reorganization plan, it must be in the best interest of the creditors.
If the debtor does not put forth a plan, the creditors may propose one instead.
Many major corporations, including General Motors and K-Mart, have used Chapter 11 bankruptcies as an opportunity to restructure their debts while continuing to do business.
https://www.investopedia.com/terms/c/chapter11.asp
The people Trump owed money to had to agree to the repayment schedule being changed.
Trump's owned over 100 separate businesses and has declared Chapter 11 bankruptcy 6 times.
Even if those 6 bankruptcies meant the businesses failed, which they didn't, a 95% success rate for businesses is quite impressive, considering 50% of businesses fail within their first 5 years.
Chapter 11 is known as a restructure or reorganization bankruptcy.
What Is Chapter 11?
Chapter 11 is a form of bankruptcy that involves the reorganization of a debtor's business affairs, debts, and assets. It is also referred to as a "reorganization" bankruptcy.
Key Takeaways
A Chapter 11 bankruptcy allows a company to stay in business and restructure its obligations.
If a company filing for Chapter 11 opts to propose a reorganization plan, it must be in the best interest of the creditors.
If the debtor does not put forth a plan, the creditors may propose one instead.
Many major corporations, including General Motors and K-Mart, have used >Chapter 11 bankruptcies as an opportunity to restructure their debts while >continuing to do business.
https://www.investopedia.com/terms/c/chapter11.asp
The people Trump owed money to had to agree to the repayment schedule being changed.