Leigh Steinberg files for bankruptcy

I hate to be so harsh, but once again, you post like you know something. ... when you don't have a clue what you are talking about.

Steinberg filed Chapter 7 bankruptcy. It is a PERSONAL bankruptcy, not a business bankruptcy. It is the type of bankruptcy you file when you are broke and have creditors calling you day and night, and you are out of options. A trustee now can liquidate anything Steinberg owns, if he still has assets in his name, and pay off his creditors.

Donald Trump has never been in that situation. He is a very wealthy man. Where you are confused is that Trump's BUSINESSES have filed Chapter 11 bankruptcy multiple times. That has nothing to do with Donald Trump's personal assets. And Chapter 7 bankruptcy is not Chapter 11 bankruptcy. Businesses in debt often take advantage of bankruptcy laws in this country by filing for Chapter 11, because they have lawyers who then sit down and renegotiate their debt to their company's advantage.

The difference between Chapter 7 bankruptcy and Chapter 11 bankruptcy is significant. It demonstrates a disparity between what an individual (like Steinberg, or you or me) faces when they get over their heads in debt, and what a business (like Trump Enterprises) can get away with by moving in and out of bankruptcy as a way to "renegotiate" with creditors.

You were just wrong when you said that Steinberg isn't broke and he doesn't feel like paying his bills. Even if that was true (and it is not), Chapter 7 bankruptcy isn't going to help him get away without paying his bills. A trustee is going to be appointed now, and take over his affairs. That trustee can do whatever he or she wants with any assets that exist in order to pay the line of creditors. Chapter 7 bankruptcy is not a pleasant thing and this has to be humiliating for Steinberg.