If you’ve been following the US presidential race and specifically the race for the Republican Party nomination, you know that one man has been at the head of all of the polls for weeks. That man is Donald Trump. He is the son and grandson of famed real estate moguls and has made a name for himself as an entertainer and a talented real estate broker himself. He has been running for president on the strength of his record as a real estate businessman; however, those who seek to beat him have been frequently mentioning his four bankruptcy filings.
Donald Trump has argued that he was an effective businessman who used the laws to his advantage. His massive amounts of wealth seem to bolster his argument. His opponents have frequently cited his four bankruptcy claims in Atlantic City as proof that he is not nearly as adept at real estate as he claims. Donald Trump counter-argues that he never went bankrupt; instead, he took advantage of certain laws and regulations that allowed him to take his companies into bankruptcy, so he could restructure and end up on top. His opponents argue that he simply ran out of money and had to cut and run.
What’s the Truth?
The truth of Donald Trump’s claim might never be known; that’s because bankruptcy laws are so varied and complex. In Utah, bankruptcy laws are going to be very different than they are in Atlantic City, New Jersey. Only a Utah bankruptcy attorney could truly tell you the truth of his claims. But you’re probably not even interested in Trump’s bombast. What you want to know is how bankruptcy can work for you if it’s possible.
If you are a private person or a business owner, you can use different chapters of bankruptcy to absolve yourself of debts, protect your money from predatory collection agencies, and secure your assets. However, the process is incredibly complex and confusing. That’s why it’s important to hire an attorney.
When you’re looking for an attorney, you should look for that attorney’s record as well as his or her location. If you’re in Utah, for example, you should look for a Salt Lake City bankruptcy attorney who understands the local laws and is close to the capital. Bankruptcy has a stigma around it as something that you do when every other option has been exhausted; it’s seen as a sign of failure.
It need not be this way. If you feel like your debts are getting away from you, you need to consult with a bankruptcy attorney. They can help you restructure your finances, move your assets, and file bankruptcy in a way that does not have to ruin your life. In fact, it can be a plus.