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When you've got an unlimited line of credit, bankruptcy is just a way to discharge old debts.
There's a story his daughter likes to tell of Trump and Ivanka driving through Manhattan in a limosine on the way to a luxury gala. Trump points out the window to a starving homeless man and says "He's $800M richer than I am", then rolls up the window and drives on.
That's what bankruptcy means to a billionaire. It's got nothing to do with material conditions. Just a way of keeping score.
Those businesses died and lost him money. If not for the licensing and the apprentice he'd be as broke as Mike Lyndel. And the bribes
https://www.visualcapitalist.com/charted-donald-trumps-net-worth-2014-2024/
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My man is at the beating heart of an absolute octopus of scams and flim-flams. He's making money hand-over-fist and will likely leave office several times wealthier than at any point in his life prior to the second term.
So much of this wealth is rooted in his ability to access near-infinite credit, to lose billions of dollars, to declare bankruptcy, and to start over again with fresh new lines of borrowing capacity. He can do this, seemingly forever, because he's such a well-known and well-insulated conduit for dirty money. If you need to bypass US sanctions or move liquidity through the NATO-aligned banking system, you've got a fence who can turn over god only knows how much money without being bothered by federal investigators.
He's been doing this since he took over the business from his father, who was deeply embedded with the east coast mafia families and their corrupt government counterparts. It's the reason he's so close with Rudy Guliani (who made his career at the SDNY by shielding one half of the mafia in order to prosecute the other half).
Tip of the iceberg. He's got friends at every major financial sector on the Atlantic. My guy has likely laundered trillions in his lifetime.