BANKRUPTCY: How Giuliani is trying to escape the consequences of his actions
How many homes can you still own at the end of a bankruptcy process? That is a question that Rudy Giuliani is desperately pondering right now.
After being ordered to pay $148 million to two election workers he defamed after the 2020 election, Giuliani filed for bankruptcy. However, claiming to be broke isn’t getting him out of an examination of his finances, including the multiple expensive properties he owns.
The bankruptcy proceedings may not deliver the results that Giuliani had hoped they would. Bankruptcy generally does not allow one to evade a legal judgment, and the bankruptcy process has already included demands that he show who is paying his legal bills, as well as floated the possibility of forcing him to sue Donald Trump for unpaid legal fees.
Now he may have to sell his homes in Florida and New York in order to pay what he owes. He’s recently taken his New York apartment off the market but could be forced to sell it, along with his Florida condo. Bloomberg reported:
“A proposed listing agreement for Giuliani’s New York condominium is being fine-tuned, Heath Berger of Berger Fischoff Shumer Wexler & Goodman LLP said Wednesday during a status conference in the US Bankruptcy Court for the Southern District of New York. Giuliani’s Manhattan condo is valued at around $5.6 million, according to recent financial disclosures.”
The Florida condo, by contrast, has not been listed for sale, and Giuliani appears to be resisting surrendering it. It’s reportedly worth about $3.5 million, and he’s pouring tens of thousands of dollars into it every month. Forbes reported:
“The filing said the sale of the Palm Beach condo would be available to satisfy the claims of Giuliani’s creditors, adding that since the home is a non-exempt asset, Giuliani can’t keep it and has ‘no credible argument that he is entitled to live there’ following his bankruptcy.”
Creditors also, in the meantime, want Giuliani to be ordered to maintain homeowners’ insurance on both properties, which he has apparently allowed to lapse. They’re also noting that while he can’t manage to maintain this expense, he spends tens of thousands on credit cards while spending copiously on Uber rides and video streaming services.
Giuliani’s filings estimated that he has about $10 million in total assets, and between $100 million and $500 million in debts or liabilities.
With math skills like that, perhaps Donald Trump will look to appoint Giuliani as his next Secretary of the Treasury if he wins in November.
