Former New York City mayor and legal representative for Donald Trump, Rudy Giuliani, has filed for Chapter 11 bankruptcy following a recent court ruling that ordered him to pay $146 million in damages to election workers Ruby Freeman and Shaye Moss. The lawsuit centered on defamation claims made by Giuliani against the workers regarding the 2020 presidential election. Despite attempts to reduce the initial award, a federal judge finalized the staggering amount, prompting Giuliani’s bankruptcy filing.
Giuliani’s estimated liabilities range between $100 million and $500 million, a stark contrast from his once-estimated net worth of over $50 million. His financial downfall, outlined in the bankruptcy filing, showcases assets totaling between $1 million to $10 million. Significant debts include $724,000 in income tax owed to the IRS for 2021 and 2022, an additional $265,000 in New York state income tax, and unspecified amounts owed to Dominion Voting Systems, Smartmatic USA, and even President Biden’s son, Hunter Biden.
The bankruptcy filing aims to offer Giuliani the opportunity to pursue an appeal while ensuring fair treatment of creditors under the supervision of the bankruptcy court. Giuliani’s attempts to generate cash, including selling merchandise related to 9/11 and endorsing products, illustrate the financial strain he faces. Despite his attorney’s assertion that the damages sought by Freeman and Moss were excessive, the bankruptcy filing signals a significant chapter in Giuliani’s ongoing legal battles.
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