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Donald Trump Almost Ran for President After Filing Bankruptcy

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From the beginning, many people believed Trump was running for president as a mere ploy for attention. What with him dropping out of the race so early, speculators can only wonder if this is true.

Would Trump have made a good president? Find out if his intimate knowledge of the bankruptcy law and debt would have made him a great man for the job, or perhaps overqualified.

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Get Real: Trump for President in 2012? What Was That All About?

According to Forbes, Donald Trump filed for corporate bankruptcy four times (under Chapter 11), but never has filed for Chapter 13 personal bankruptcy. While bankruptcy has helped millions gets out of debt, it's probably not the first choice people want to make when they find themselves in financial difficulties.

In the end, Donald Trump decided not to run for president in 2012. But his attempt shows filers that there is life after a bankruptcy filing. Let's take a look at other reasons he may not have been well-suited for the Presidency.

Five Presidential Traits

Leadership

"Part of the beauty of me is I'm very rich." - D. Trump

The ability to take on the great responsibility of running an entire country is vital; without leadership skills, it would be impossible.

At one point he was tied for second place with Mike Huckabee among GOP tea party supporters.

In 1999, Trump Hotels' shares sold for $5 each. Today they are worth 35 cents.

  • Bankruptcy: Trump gave up 1/2 ownership of the Taj Mahal.
  • One year later, Bankruptcy: Trump gave up 49% ownership of the Trump Plaza.
  • Would you want a president to give away half of the country?

Honesty

Honesty is a trait that is almost laughably hard to come by in politics. Every president in history has made false promises to his people, usually during the election process.

What maze of exaggerations might Trump have had to navigate to get to the White House?

  • Changed his position on health care
  • Allegedly carried on extramarital affair with Marla Maples
  • Added fuel to doubts that Obama was born in the United States
  • Changed his position on abortion
  • Changed his position on gun control

Intelligence

"Today, I am very proud of myself" - D. Trump

Intelligence is important in any leader. It is key to building trust with constituencies, making realistic policies and decisions, and navigating the political system.

In 1992, Trump bough Easter Airlines' shuttle... bankrupt year later.

In 1991, Trump faulted on a $3.5 billion loan, with his personal debt estimated at $900 million.

Trump thinking?

"...the fact that I put no money up, that 30% is equal to 50%." - D. Trump

Persistence

Persistence is a critical trait for any American leader. It takes tremendous persistence to have an idea that is good for the nation, have a bill proposed and get the support to pass it.

Trump claimed he could have just put up $600 million for a presidential campaign. Obama raised $745 million for his campaign.

Connectivity

"All of the women on The Apprentice flirted with me - consciously or unconsciously. That's to be expected." - D. Trump

Trump exaggerates his exaggerations.

"My tower in Waikiki was 100% sold out, with $729 million in sales...5 hours, a record." He later admitted he doesn't actually own the building - just has a licensing agreement with the real owners.

Despite claims of his wealth at $7 billion, the Forbes 400 rated him in a six-way tie for 153rd richest person in America.

Successful People Have Filed for Bankruptcy Protection

Bankruptcy often gets a bad rap, but many successful leaders have filed and gone on to make it big, such as Walt Disney, Marvin Gaye and even Abe Lincoln.

See our list of 10 Surprising Celebrities Who've Filed Bankruptcy.


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