Rudy Giuliani, the former mayor of New York City and personal lawyer to Donald Trump, has submitted a petition for bankruptcy on Thursday, as stated in a legal document.
Giuliani declared bankruptcy for Chapter 11 only six days after a trial.
Ruby Freeman and Shaye Moss, who sued him for defamation, were awarded $145,969,000 in damages by a federal judge. The estimated cost to the defendant ranges from $100 million to $500 million.
Attorney Michael Gottleib stated that the maneuver to discharge Mr. Giuliani’s debt to Ruby Freeman and Shaye Moss is not unexpected and unlikely to be successful.
Provide prompt compensation to the two election officials, citing worries that he may have been untruthful regarding his monetary situation and potential failure to adhere to the ruling.
Giuliani made untrue statements after the 2020 election, alleging that election workers were involved in a fraudulent ballot processing scheme. His lawyer recently indicated that he did not have enough money to fulfill the demands for compensation from Moss and Freeman.
Ted Goodman, a political adviser for Giuliani, informed CBS News that the declaration of bankruptcy should come as no shock.
According to a statement, it is unlikely that anyone would have expected Mayor Rudy Giuliani to be able to pay a large punitive sum. Filing for Chapter 11 bankruptcy will allow him to appeal and have his finances monitored by the court, ensuring that all creditors are treated fairly and equally.
Giuliani net worth
At one time
His net worth, which was previously believed to be more than $50 million, has drastically decreased. According to the documents filed for bankruptcy, he now only estimates his assets to be worth between $1 million and $10 million. Legal papers show that Giuliani owes the IRS $724,000 in income tax for 2022 and 2021, as well as an additional $265,000 in income tax to the state of New York.
Giuliani has also included debts to Dominion Voting Systems and Smartmatic USA, both of which have taken legal action against him after he made false claims about their involvement in manipulating the 2020 election.
According to the Associated Press, the bankruptcy report reveals that Giuliani has an outstanding debt to Hunter Biden, the son of President Biden. In September, Hunter Biden filed a lawsuit against Giuliani and another attorney for allegedly obtaining and disseminating his personal information without permission from the owner of a computer repair shop in Delaware.
To acquire funds, he has marketed t-shirts with a reference to the 9/11 attacks for $911 and promoted sandals sold by Donald Trump’s supporter Mike Lindell. He has also begun offering personalized video messages on Cameo for a price of $325 each, although his profile on the platform states that Giuliani is currently unavailable.
Joe Sibley, attorney for Giuliani, states that the monetary compensation desired by Freeman and Moss would be comparable to the legal punishment of capital punishment.
The previous week, he received a ruling that required him to pay millions in damages.
The editor has revised the story and headline to make it clear that the judge lowered the total owed to $146 million.