Trump's business career has been marked by several high-profile bankruptcies. He filed for Chapter 11 bankruptcy protection for his Trump Taj Mahal Casino Resort in Atlantic City, New Jersey, in 1991 and 2004.
The Trump Taj Mahal Casino Resort's bankruptcy was the result of significant debt and declining revenue. This was not an isolated incident, as Trump's other business ventures also faced financial struggles.
Trump's Trump Entertainment Resorts, which operated the Trump Taj Mahal, filed for bankruptcy in 2009.
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Trump's Bankruptcy History
Donald Trump's companies have filed for bankruptcy four times, with the first instance being in 1991 when his Atlantic City casino, the Taj Mahal, was buried under a mountain of debt.
Trump has built an American empire from Las Vegas to New York with towering hotels and sparkling casinos, but not all of his business ventures have been constant money-makers.
The Taj Mahal carried a $1 billion price tag and was financed by junk bonds carrying a staggering 14 percent interest rate, which soon plunged Trump into $3.4 billion of debt.
Trump's business ventures have sought Chapter 11 protection in 1992, 2004, and again in 2009, with the big business man wrangling with big debt in the past 20 years.
Trump has never filed personal bankruptcy, only corporate bankruptcy related to some of his business interests, and has said "I have never gone bankrupt."
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Types of Bankruptcy
There are two main types of bankruptcy: personal and corporate.
Trump has never filed personal bankruptcy, only corporate bankruptcy related to some of his business interests.
Corporate bankruptcy is a type of bankruptcy that affects a business entity, not an individual.
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Donald Trump's Companies
Donald Trump's Companies have a history of filing for bankruptcy. Four times, to be exact.
The first time was in 1991, when his Atlantic City casino, the Taj Mahal, was buried under a mountain of debt. The Taj carried a $1 billion price tag and was financed by junk bonds carrying a staggering 14 percent interest rate.
Trump's companies have sought Chapter 11 protection on multiple occasions. In 1992, 2004, and again in 2009, Trump branded companies or properties have sought Chapter 11 protection.
Despite these bankruptcies, Trump's net worth is estimated to be $2.7 billion. He's built an American empire from Las Vegas to New York with towering hotels and sparkling casinos.
According to Doug Heller, the executive director of Consumer Watchdog, Trump is the "most egregious, almost comical example" of the disparity between what the average American faces when going through bankruptcy and the "ease with which the very rich can move in and out of bankruptcy."
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