Rudy Giuliani declares bankruptcy to avoid $148M penalty

Former NYC mayor Rudy Giuliani filed for bankruptcy yesterday, less than a week after a judge ordered him to pay a $148 million penalty for defaming two Georgia election workers post-last presidential election.

Giuliani listed nearly $153 million in debts, including taxes, legal fees, and potential judgments in lawsuits related to false claims about the 2020 election. He estimates his assets are worth $1 million to $10 million.

The bankruptcy filing is seen as a move to seek protection and appeal the $148 million verdict.

But it may not get erased, as bankruptcy law excludes debts resulting from “willful and malicious injury” and Giuliani’s financial troubles stem from legal challenges and investigations related to his efforts to overturn the 2020 election result.