Donald Trump has driven his companies to bankruptcy six times to avoid repercussions. The situation may change very soon, and the former president will have to pay the bills.
By calling himself the «king of debt», Trump is clearly showing pride in his many business failures. Ultimately, as The Guardian notes, these bankruptcies helped Trump evade financial obligations. Others, including large banks and investors, had to pay for his failures.
But luck is leaving Trump. His business empire has been hit hard by the pandemic. According to The Washington Post, the president’s golf clubs and hotels are practically empty, although they were rapidly losing money before the pandemic. In addition, a dispute with the tax office is in full swing. The agency may oblige Trump to pay more than $100 million. In addition, over the next four years, Trump is required to repay $400 million in loans. According to Forbes, this amount generally exceeds a billion dollars.
At this point, it is not certain if Trump is capable of paying off the bills, as his finances are hidden from view by many shell companies and offshore accounts. Despite this, as noted by The Guardian, Washington fears that Trump’s huge debts could create a conflict of interest if he wins.
The president’s influence would surely help him deal with his personal financial problems. If he loses to Biden, banks may think about renegotiating agreements with Trump. Having lost the White House, Trump risks losing everything he has. Moreover, he may end up in jail, believes The Guardian.
Joe Biden has already made it clear that he will not pardon Trump if he is found guilty of any crimes. But even having escaped prison, the already former president will not hide from his debts.
«Of course, no one knows how much money Trump has, but it is clear that these are elections that he cannot afford to lose», — the Guardian stated.