President Donald Trump faces an increasingly gloomy financial future after he leaves the White House on Wednesday. He is on the hook for hundreds of millions of dollars of debt, most of it due within the next four years with few options to pay it off as banks are expeditiously cutting business ties with him.
following the terrorist attack on the U.S. Capitol by a mob of Trump supporters, three large banks announced they’re cutting ties with him — including Deutsche Bank, his biggest creditor — limiting his ability to refinance debt. On top of that, the PGA of America backed away from business arrangements with the Trump Organization, sapping future income from the debt-laden president.
A Forbes analysis of Trump’s finances found that Trump likely owes at least $1 billion to creditors, some of which he has personally guaranteed. If more banks deem Trump a toxic client, he could face daunting obstacles in navigating his debt.
A full picture of Trump’s financial health is impossible to assemble without the tax returns and other financial documents he has refused to release for years. Even so, experts say that based on what is known about his wealth and obligations, the president could face a barrage of lawsuits and collection attempts that could ultimately lead to personal bankruptcy.