(WatchDogReport.org) – Rudy Giuliani, the former lawyer for ex-President Donald Trump, filed for Chapter 11 bankruptcy in New York on December 21st, revealing debts near $500 million. His bankruptcy filing comes after a court ordered him to pay $148 million to Georgia election workers Ruby Freeman and Shaye Moss in a defamation case.
The bankruptcy petition states assets between $1 million and $10 million, contrasted with liabilities between $100 million and $500 million, painting a grim financial picture. The Chapter 11 filing, primarily used by businesses to restructure while paying debts, was initiated following Giuliani’s loss in the defamation lawsuit.
Giuliani’s lawyers, Heath Berger and Gary Fischoff, mentioned that the bankruptcy shouldn’t be surprising due to the immense amount of punitive damages he was directed to pay. Legal troubles have plagued Giuliani, with pending criminal charges, sanctions, and multiple civil lawsuits contributing to his financial woes.
The bankruptcy follows Giuliani’s sale of his Manhattan apartment for $6.5 million in an attempt to address his legal issues, which had left him financially strained.
The bankruptcy, which highlights Giuliani’s immense financial troubles, follows a downward spiral in his public standing. Once hailed as “America’s Mayor” after 9/11, Giuliani’s recent controversies, notably surrounding Trump’s 2020 election claims, have tarnished his reputation.
In August, Giuliani faced 13 felony charges, including an indictment in Fulton County, Georgia, alongside Trump and other allies, accused of conspiring to manipulate the state’s 2020 election results. He entered a not guilty plea and awaits trial. Giuliani also faces lawsuits from his former attorneys and Dominion Voting Systems.
In September, according to CNN’s data reporter Harry Enten, polls indicated a decline of approximately 60 points in Giuliani’s popularity over the past 21 years. “This is unprecedented,” Enten remarked in the segment. “I recall when Rudy was considered a hero in New York City, and now, for the majority of Americans, he’s viewed as a disgrace — or so the polling data suggests.”
The bankruptcy filing underscores Giuliani’s troubled financial state amid an array of legal issues, marking a remarkable downturn in public perception for the once-revered New York City figure.
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