Trump is planning to issue an emergency declaration to declare a Chapter 11 reorganization and seek Chapter 13 bankruptcy protection, according to a report from the Financial Times.
The filing comes after the president signed an executive order to seek protection from creditors during a “emergency.”
It is unclear when Trump plans to issue the declaration, but a report by the Financial Review noted that it would take place sometime in 2018.
According to the report, Trump’s declaration would not be the first time he sought bankruptcy protection.
He filed for Chapter 7 bankruptcy in December 2016 after he was unable to pay the bills on his casinos in Atlantic City, New Jersey, and the Taj Mahal in Washington, DC.
Trump was also sued in January 2018 by a former employee who claimed he was not paid for nearly three months of work, a claim he denies.
Trump’s bankruptcy filing comes on the heels of a week that saw the White House announce that Trump is in the process of reorganizing the White Houses operations.
On Monday, Trump and his daughter Ivanka announced plans to buy an additional $400 million in assets for a total of $1.6 billion.
In a statement, Trump said: I am confident that I will be able to complete this reorganization quickly and successfully.
The reorganization of the White houses business is proceeding very smoothly, and we are working diligently to complete the sale of assets and the closing of the transaction.
I look forward to doing the same for the Federal Government, the businesses of the country and for our American families.