Debts and other financial difficulties that await Donald Trump upon leaving the presidency | The State

Debts and other financial difficulties that await Donald Trump as he leaves the presidency

President Trump remains furious that he lost the presidential election.

Photo:
Drew Angerer / Getty Images

Returning to a life as a common citizen will be painful for outgoing President Donald Trump.

Multiple media have reported by several that the tycoon and his organization face large debts, but these will be difficult to service due to the events that occurred in the Capitol.

According to The Hill, three banks have announced to cut ties with Trump so the tycoon would have more difficulties when it comes to refinancing his loans. To this is added that the Trump Organization lost contracts with him New York State and PGA of America (the organization that presides over golf tournaments in the United States) for Trump’s performance in the assault on the Capitol.

A few months ago it was known that Trump owes some $ 315 million. These debts are the mortgages on your hotels and golf clubs. Forbes magazine assures that Trump’s indebtedness would reach $ 1,000 million dollars, and would be personally guaranteed so that creditors could access all his capital.

“His personal fortune would be hit,” J.W. Verret, professor of law at George Mason University.

The information ensures that Trump has $ 1.4 billion in assets, of which $ 5.8 million would be cash or easy-to-liquidate assets.

Ultimately, the president would face lawsuits and collections claims that could lead to bankruptcy.

One of the banks that cut ties with Trump is Deutsche Bank, with which it has more loans.

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