Trump’s four bankruptcies were Chapter 11 reorganizations (named for its location in federal bankruptcy code), which are designed to restructure businesses without shutting them down completely. 'I used the law four times and made a tremendous thing. 'Hundreds of companies' have filed for bankruptcy, Trump said earlier in the debate. He argues, however, that filing for bankruptcy is a common business decision, and he was smart to make the moves when he did. Trump doesn’t deny that four of his businesses have filed for bankruptcy. You ran up mountains of debt, as well as losses, using other people's money, and you were forced to file for bankruptcy not once, not twice, four times.'
'That is in fact precisely the way you ran your casinos. 'You know, there are a lot of us Americans who believe that we are going to have trouble someday paying back the interest on our debt because politicians have run up mountains of debt using other people's money,' Fiorina said. Most notably, former Hewlett-Packard CEO Carly Fiorina criticized Trump’s history of bankruptcies in his businesses. That criticism was on full display in CNN’s Republican debate Sept. In an effort to take out frontrunner Donald Trump, Republican presidential candidates have pelted Trump with criticism over his multiple trips to federal bankruptcy court.
