More than two years ago, Ciara Torres-Spelliscy wrote a prescient article for the Brennan Center, in which she noted how Trump's re-election campaign had the telltale signs of a business which was doomed for bankruptcy. Last month, Rick Newman at Yahoo News went a step further to claim that we're watching a bankruptcy unfold.

But how likely is that, really? It turns out that it's nearly unprecedented. The reason, according to Slate Magazine, is that

under campaign finance law, an uncollected loan from a corporation—whether it’s a bank or a sign maker—could be construed as an illegal contribution

In the past we've seen candidates carry campaign debt over from year to year, leaving vendors patiently in the lurch, much the same way Atlantic City was forced to stave off the fallout from Trump Casino bankruptcies. And many times, their party will help to retire that debt. But that has always required a certain level of comity between the ex-candidate and their party.

Trump's election fraud investigation may well be just a scam to bilk supporters out of campaign donations, but at some point he will have to fish or cut bait: There will become a point where to proceed with litigation would just be beating a dead horse and the party will see the whole affair as bad for their brand. Trump will have to choose to abandon his pursuit, or risk alienating the party and its resources.

Without his "Election Defense Fund" bringing in campaign contributions through the back door, he has virtually no chance of raising the funds to retire his campaign debt. And to continue would open the door to having the party and fellow politicians walk away from him.

At this crossroads is where we find the potential for the first ever Presidential Campaign Bankruptcy.