Donald Trump’s take on debt and bankruptcy is pragmatic. Limit debt accumulation but, if you can’t, consider bankruptcy to eliminate it. This New York Post article reflects the Republican’s debt philosophy.
Bankruptcy is a tool according to Trump. He’s right. Bankruptcy is a legal application to deal with debt you cannot afford to repay. It’s that simple. Whether it is a Fortune-500 business, a solo business practitioner or a single individual, the premise is the same. Debt load beyond the ability to afford is recipe for bankruptcy. This is not just Trump’s take on debt and bankruptcy. It is the basis of bankruptcy law itself.
Often individuals view bankruptcy as a last resort. Typically it is. But bankruptcy is not about what to do with debt you can repay. It is about debt your can’t pay. It is a frustrating financial situation. Stress often accompanies the debt. The source of strife, though, is often not the debt itself, but the inability to do anything about it. This is the pragmatist premise behind Trump’s take on debt and bankruptcy.
Time and knowledge often open bankruptcy options. Hope does spring eternal. And those in debt are no different. People try to repay their debts. Efforts to find ways to pay what is owed frequently finds frustration when the income isn’t there. When the same frustration repeats itself every month, soon a solution is sought. Bankruptcy is often that solution. individuals need to know that bankruptcy is an option for their debts and what it can do.
The stigma of bankruptcy for some is often an impediment to filing. But the reality is there really should be no stigma attached to using federal bankruptcy law to sort out debt problems. As Trump knows, bankruptcy is just a business decision dealing with your debt. It is a tool. Individuals should look at their financial picture with the same business perspective. Your finances are your personal business. Treating your debts as a business problem, as opposed to individual one, might allow you to better deal with your debt issues. And recognizing the worth of filing bankruptcy is one way to do it. Trump did.