Rudy Giuliani's financial situation has been a topic of much speculation since he filed for bankruptcy after a judge ruled last December that he owed $148 million in damages to two former Georgia election workers. Giuliani claimed to have assets between $1 million and $10 million against debts totaling an estimated $152 million. Despite this, the exact amount of his net worth remains uncertain.
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After months of spending, while claiming financial distress, a judge dismissed his bankruptcy case. Giuliani's lawyers stated he could not pay the fees owed to his creditors' financial adviser, a key condition for closing the case.
In a last-minute deal, Giuliani agreed to pay $400,000 to the adviser, with $100,000 upfront and the rest from the sale of either his Upper East Side apartment or his Florida condo. According to Business Insider, the judge put a lien on his properties to ensure he paid.
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Last year, Giuliani listed his three-bedroom, three-bathroom Upper East Side apartment for $6.5 million, later reducing the price to $5.7 million. The property, located steps from Central Park, features a wood-paneled library and a grand dining room with a conservatory. Despite its grandeur, the home is still on the market.
Giuliani hasn't been required to list his two-bedroom lakefront Palm Beach condo, estimated to be worth around $3.5 million. New York Curbed reported his lawyer noted in a motion, "Surely the committee does not intend the debtor to join the ranks of the homeless?"
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The new deal allows Giuliani to avoid testifying under oath about his finances but does not absolve him of approximately $540,000 in back taxes owed to the IRS or his other legal debts.
With the bankruptcy case settled, former election workers Ruby Freeman and Shaye Moss can now proceed in the D.C. court system to seek the $148 million they are owed. Giuliani must rely on the remaining assets or find new ways to cover his obligations.
The bankruptcy case’s dismissal also gives Giuliani the opportunity to appeal the defamation case in an attempt to have it dismissed or to reduce the damages. However, this dismissal also allows other creditors to file separate lawsuits against Giuliani.
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This article Rudy Giuliani's Bankruptcy Case Was Tossed Out – He Owes $152 Million And Lawyer Says He'll 'Join Ranks Of Homeless' If Forced To Sell Home originally appeared on Benzinga.com
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