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Chapter 7 Bankruptcy Fraud and Income Tax Evasion

This blog has repeatedly reported on what not to do when filing for personal bankruptcy protection and getting a “fresh start” and the reports come down to this:  do not submit false testimony, be honest in your bankruptcy petition and schedules, and fully disclose your assets and liabilities to your attorney so he or she can make a plan for you to discharge you debts, if possible.

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What Can Consumers Learn from the Multiple Donald Trump Business Bankruptcies?

First, let’s set the record straight.  Donald Trump, the man (and Republican Party presidential candidate), has never filed personal bankruptcy.  On the other hand, his casino business has filed for Chapter 11 reorganization in bankruptcy a record four times in the past 30 years!  While it is legal for corporations to file for bankruptcy, and they often emerge stronger, keeping key employees and business, it certainly raises some questions about the chief executives’ ability to manage a large entity successfully.   Furthermore, the debts owed to lenders, employees and creditors are either wiped out or reduced.

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