On Thursday, less than two weeks after a jury sentenced him to pay almost $150 million to two former Georgia election workers for libelous remarks, Rudy Giuliani filed for bankruptcy in federal court in New York. Giuliani disclosed in the declaration assets up to $10 million and debts ranging from $100 million to $500 million. The former federal prosecutor, New York City mayor, and front-runner for the Republican presidential nomination has suffered further setbacks following the election of Donald Trump in 2020.

He needs to declare bankruptcy right away. Among his bills, Giuliani listed hundreds of thousands of dollars owed to attorneys and accountants, along with over $1 million in delinquent taxes. He also enumerates several unsolved complaints, three of which are related to his 2020 election remarks and have not yet been tried. If he is found to be at fault for the losses, he may be required to pay extra money in certain situations. “No one should be surprised by the filing,” Giuliani stated on Thursday, according to his political advisor Ted Goodman.

It was beyond anyone’s comprehension that Mayor Rudy Giuliani could pay such a hefty fine. As required by Chapter 11, Mayor Giuliani will have time and chance to file an appeal, and the bankruptcy court will monitor his finances openly and transparently, guaranteeing that all creditors receive equitable treatment throughout the proceedings.

It happened one day after Ruby Freeman and Shaye Moss, the two plaintiffs in the well-known defamation lawsuit were permitted by the federal judge overseeing the case to start obtaining money from Giuliani. US District Judge Beryl Howell stated in her ruling on Wednesday that Giuliani had consistently claimed he was broke and that the verdict would negatively impact him, that he had disregarded prior court orders requiring him to pay the women’s legal fees, and that he had avoided exposing his worth by declining to present any evidence he had in the case before trial.

Giuliani’s lawyer Joseph Sibley asserted throughout the trial that Moss and Freeman were requesting “the civil equivalent of the death penalty.” Sibley declared, “They’re trying to end Mr. Giuliani.” Giuliani could declare bankruptcy to get his debt to Moss and Freeman discharged, following in the footsteps of Alex Jones’s failed defamation lawsuit against Sandy Hook. However, Giuliani’s repayment will be more difficult because the defamation lawsuit ruling in 2020 contained his acknowledgment that he had intentionally misrepresented them. The attorneys for Moss and Freeman have promised to move swiftly to file liens on Giuliani’s current homes in Florida and New York and look into any potential financial sources for him, including Newsmax, where he hosts.