Donald Trump

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Doodoo
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Donald Trump

Post by Doodoo » June 8, 2023, 12:30 pm

A Golden Rule of Business, "Never use your own money."

"Former President Donald J. Trump, who throughout his business career had a reputation for not paying lawyers, spent roughly $10 million from his political action committee on his own legal fees last year, federal election filings show."



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Re: Donald Trump

Post by Whistler » June 8, 2023, 1:50 pm

Doodoo wrote:
June 8, 2023, 12:30 pm
A Golden Rule of Business, "Never use your own money."

"Former President Donald J. Trump, who throughout his business career had a reputation for not paying lawyers, spent roughly $10 million from his political action committee on his own legal fees last year, federal election filings show."
The reality is that lenders are conservative and will always look at the worst-case scenario before loaning money. People may claim they started their business using borrowed money, whereas in many cases, they secure the loan with a mortgage over their home or other properties. This is not always the case in some states of the USA where a 'Homestead Law' protects the family home in cases of bankruptcy, but these states do not allow you to refinance your house in the first place. Not only can you place your assets at risk, but you may also go for years drawing a modest salary.

90% of startups fold within 3 years. Cash flow appears to be the number one reason for business failures. An appealing thought of not using your own money, but it does not always work out that way.

Trump borrowed a lot of money by lying about the value of his assets, which is what one of the NY cases is investigating. Right now, he saying he was smart, but it might be part of his undoing.
I had a bumper sticker in Texas that read 'Beam me up Scotty'. I often wish I could find one in Udon Thani

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Udon Map
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Re: Donald Trump

Post by Udon Map » June 8, 2023, 5:22 pm

Whistler wrote:
June 8, 2023, 1:50 pm
This is not always the case in some states of the USA where a 'Homestead Law' protects the family home in cases of bankruptcy . . . .
I believe that the only states with no homestead protection provisions are Pennsylvania and New Jersey. But homestead protection does not get you out of the debt. It merely provides that, in most cases, your creditor cannot force a sale of your home. The creditor can still attach (put a lien on) your home, but he will have to wait until you sell it before getting paid. Of course, the debt continues to accumulate interest during this time.

Homestead protection isn't always for the full value of the home. Most state laws specify a dollar amount of protection that is provided, -- if the debt exceeds that amount, the creditor may be able to force a sale of the home.

Homestead protection also reduces the homeowner's property tax.

Also, homestead provisions do not prevent a forced sale by the mortgage holder.

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Re: Donald Trump

Post by jackspratt » June 9, 2023, 9:23 am

Trump Indicted in Documents Case
Former US president Donald Trump says his lawyers have been informed that he has been indicted by the US Department of Justice for mishandling sensitive government documents.
https://www.abc.net.au/news/2023-06-09/ ... /102460068
Good.

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Khun Paul
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Re: Donald Trump

Post by Khun Paul » June 9, 2023, 11:17 am

NOW can we stop this obsession about a man who in hindsight had somehow become elected on the back of disenchantment with the American Political system which we see almost imploding and becoming so fragmented due mainly to the 45th President . His divisive tactics both at home and internationally is well known and is now coming home to roost .
Why anyone in sound mind and health would want him back amazes me but it speaks volumes at the lemming mentality of the American public and in some cases the coercive effect on some by others.

From a country which was the epitome of freedom and rights has become almost a laughing stock in the world . From clueless Police officers to even more clueless law makers. It is as if someone pulled the chain and you are watching country go downhill with the waste.!!!

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Re: Donald Trump

Post by stattointhailand » June 9, 2023, 11:34 am

In his defence there was a shortage of toilet paper

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Re: Donald Trump

Post by Whistler » June 9, 2023, 12:28 pm

Udon Map wrote:
June 8, 2023, 5:22 pm
Whistler wrote:
June 8, 2023, 1:50 pm
This is not always the case in some states of the USA where a 'Homestead Law' protects the family home in cases of bankruptcy . . . .
I believe that the only states with no homestead protection provisions are Pennsylvania and New Jersey. But homestead protection does not get you out of the debt. It merely provides that, in most cases, your creditor cannot force a sale of your home. The creditor can still attach (put a lien on) your home, but he will have to wait until you sell it before getting paid. Of course, the debt continues to accumulate interest during this time.

Homestead protection isn't always for the full value of the home. Most state laws specify a dollar amount of protection that is provided, -- if the debt exceeds that amount, the creditor may be able to force a sale of the home.

Homestead protection also reduces the homeowner's property tax.

Also, homestead provisions do not prevent a forced sale by the mortgage holder.
One of the things that baffled me was the case of ex-governor of Texas, John Connally who was also shot when Kennedy was assassinated.

Connally went bankrupt, but under Texas Homestead law, he kept his ranch, he was also allowed to keep his home in Dallas which was chock full of valuable art works, he was bankrupt but had immense assets.
I had a bumper sticker in Texas that read 'Beam me up Scotty'. I often wish I could find one in Udon Thani

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Re: Donald Trump

Post by Udon Map » June 9, 2023, 1:03 pm

Whistler wrote:
June 9, 2023, 12:28 pm
One of the things that baffled me was the case of ex-governor of Texas, John Connally who was also shot when Kennedy was assassinated.

Connally went bankrupt, but under Texas Homestead law, he kept his ranch, he was also allowed to keep his home in Dallas which was chock full of valuable art works, he was bankrupt but had immense assets.
I know nothing about bankruptcy law or the process, but homestead protection protects the "real" property only, that is, the land and house structure, and, as mentioned earlier, only up to a specified amount in most states. It does not protect the contents of the house.

Also, it only protects one's primary residence, usually referred to in the U.S. as one's domicile. It does not protect additional homes, vacation homes, etc. You can apply homestead protection only to one property. If you change your primary residence, you can apply it to the new primary residence, but the other one will lose the protection. Texas also has limits on the number of acres of land that can be protected by homestead. Overall, Texas has one of the more complicated homestead statutes.

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Re: Donald Trump

Post by Whistler » June 9, 2023, 1:38 pm

Latest news will overshadow other Trump issues.

He has been charged over the classified documents he retained and will appear in court next Tuesday.
I had a bumper sticker in Texas that read 'Beam me up Scotty'. I often wish I could find one in Udon Thani

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Re: Donald Trump

Post by jackspratt » June 9, 2023, 8:24 pm

It was actually news 4 hours earlier.

viewtopic.php?p=675549#p675549

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