Giuliani seeks bankruptcy after $148 mln judgment in defamation case -filing

Yeah, probably the best thing in article.

Ok, I did the thing. Now what? Also great username! It is only legend.

Ya I think drumpf filed like 4 times and people still think he can run a business.

I guess I don't fully understand how someone can file for bankruptcy but still be rich after. If all it does is ruin your credit for 10 years or whatever the cutoff is, then why should the rich care if they file? They already have money and enough of it that investors don't really care about their credit. Shouldn't the government be garnishing wages or something at least?

There are different types of bankruptcy, for both businesses and individuals. One form of bankruptcy occurs when you plan to pay your creditors but need the courts help to consolidate and set terms because you have too many creditors or terms you can't comply with. There is also a kind that allows you to discharge certain types of debt.

I'd have to look into it but I'm guessing Giuliani is filling the structuring his debt kind because he owes dramatically more than he is worth. His debt likely can't be fully discharged in bankruptcy, but a judge can allow for the orderly sale of assets and structuring of payment, rather than a repossession frenzy.

Edit: he filed for chapter 11, which is the kind that will restructure his assets and set up a payment plan to his creditors, including the recent legal judgements against him.

Many do, but probably not this time. Trump stopped taking his phone calls a while back, and he was scratching around for loose change, like doing Cameo. He probably doesn't have $147M in assets.

I agree with your general view of Giuliani, but disparaging bankruptcy isn't the way to go.

More debts should be dismissable via bankruptcy, imo

No no, Filing for chapter 11 is the responsible thing to do apparently. He said so in his podcast. (/S).

His representation in the Colorado case and all others should be a public defender as any "free" representation should be considered a of monetary value and therefore seized as part of the debt repayment.