The exchange you saw during the first presidential debate between Hillary Clinton and Donald Trump that referenced his bankruptcy filings went as follows:
Clinton: “You’ve taken business bankruptcies six times.”
Trump: “On occasion – four times – we used certain laws that are there.”
Fact check: Clinton is correct. It was six.
Trump’s companies have filed for Chapter 11 bankruptcy protection, which means a company can remain in business while wiping away many of its debts. Here’s a rundown of the six bankruptcy filings Clinton referenced:
- Trump’s Taj Mahal opened in April 1990 in Atlantic City, but six months later, “defaulted on interest payments to bondholders as his finances went into a tailspin,” The Washington Post’s Robert O’Harrow found. In July 1991, Trump’s Taj Mahal filed for bankruptcy.
- He could not keep up with debts on two other Atlantic City casinos…
- …and those two properties declared bankruptcy in 1992.
- A fourth property, the Plaza Hotel in New York, declared bankruptcy in 1992 after amassing debt.
- PolitiFact uncovered two more bankruptcies filed after 1992. [1] Trump Hotels and Casinos Resorts filed for bankruptcy again in 2004, after accruing about $1.8 billion in debt.
- Trump Entertainment Resorts also declared bankruptcy in 2009, after being hit hard during the 2008 recession.
Why the discrepancy? Perhaps this will give us an idea: Trump told Washington Post reporters that he counted the first three bankruptcies as just one.
Footnotes
[1] Donald Trump's six bankruptcies, detailed
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