Former New York City Mayor Rudy Giuliani has filed for bankruptcy, according to a new court filing.
A Chapter 11 bankruptcy petition filed in a New York court on Thursday cites Giuliani’s $500 million in liabilities.
The news comes after Giuliani was ordered to pay $148 million in the defamation case filed by Georgia election workers.
His bankruptcy petition lists between $1 million and $10 million in assets, according to the court filing.
However, it also lists between $100 million and $500 million in liabilities
Chapter 11 is commonly known as “reorganization” bankruptcy.
It is usually filed by businesses to keep the companies afloat while paying creditors over time.
Last week, a court ordered Giuliani to pay $148 million for defaming former election workers Ruby Freeman and her daughter, Shaye Moss.
Freeman and Moss had asked the court to order the judgment against Giuliani to be immediately enforced.
They argued there was “a substantial risk” that Giuliani “will find a way to dissipate those assets before plaintiffs are able to recover”.
The judge granted their request on Wednesday.
President Donald Trump’s former lawyer is facing criminal charges, sanctions, and several civil lawsuits.
He is among 19 co-defendants in a criminal case filed by the state of Georgia, in which he has pleaded not guilty.
Giuliani is also believed to be one of six unnamed “accomplices” in an indictment brought against Trump by Democrat President Joe Biden’s Department of Justice.
Before the defamation ruling, Giuliani listed his 3-bedroom Manhattan apartment for $6.5 million in July.
He said that his legal problems have left him without cash.
“The filing should be a surprise to no one,” Giuliani’s bankruptcy lawyers Heath Berger and Gary Fischoff said, according to Bloomberg.
“No person could have reasonably believed that Mayor Giuliani would be able to pay such a high punitive amount.”