Because ramen and a one-bedroom apartment cost so much more when you’re used to being rich, of course.
Is that really what happens? What on earth is the reasoning that this is just? To me, the only thing that should be taken into account is how the person became bankrupt.
Different types of bankruptcy. The majority of individual bankruptcies (about 2/3) are Chapter 7, which requires you to pretty much start out busted, has a lower income limit and basically liquidates most of what you own. Chapter 13 is for folks with mid-levels of debt and income. Giuliani is filing for Chapter 11, which is overwhelmingly used for corporations, but covers rich people with truly staggering amounts of debt (over ~$1 million).
The man’s 79 years old. I’m guessing he’s got about 5 years left at most, as he doesn’t strike me as the kind who’s going to live to 100 like Kissinger. He’s too bumbling for that sort of Satanic reward.
I know Rudy has had some big lawsuits go badly against him, but he claims he has up to $500 MILLION in debt with only $10M in assets. What is the rest of the debt beyond those lawsuits and who would’ve given him that money?
https://www.cnn.com/2023/12/21/politics/rudy-giuliani-declares-bankruptcy/index.html
My guess is that the “$100-$500 million” range is just the way some Chapter 11 filing form is written, because another version of the story I’ve seen also gave that range, but then said that the filing specified the actual total debt was about $150 million - the Georgia judgment plus a few million more owed to the IRS and his lawyers.
Ah, that makes sense. Must be nice to get rich enough where your range of financial liability jumps to the $100-500M range rather than the paltry $50-99M, or whatever that lower level is.
I would love to see him sleeping on the sidewalk.
I was wondering about that when I saw the news headline. It seemed predestined that if he lost he’d declare bankruptcy regardless of the amount of the settlement. Even if the final settlement was ten cents, I figured he’d take the sleazy way out and say, “Well, I spent so much on defense of my case that I have no more money left, not even a penny!”
So you’re saying he (and, for that matter other losers of lawsuits) can’t use bankruptcy to avoid making reparations?
What if the lawsuit-loser is really driven to bankruptcy by the financial judgement? After all the haggling and discounts are calculated, how do the winners get what they’re owed?
Does he somehow make installment payments each month until he’s dead?
What happens to the unpaid remainder of his debt?
–G?
[Sorry. I’m turning this into less about RG and more about how the system works. Tell me to take it to another thread, if necessary.]
No worries. I think that was a lost cause from the beginning of this thread.
I probably just should have used a generic made up name instead of Rudy. Lol
I would imagine that that is currently not an infrequent event. Until his minders pull him into the limo.
Did anybody else read the thread title as “What’s Rudy Giuliani’s wife going to look like post shenanigans?”
Here is the Legal Eagle take on Rudy’s bankruptcy. IANAL, but Devon is.
Rudy’s got a couple of criminal cases to defend in Georgia. That would solve his where to sleep problem.
Thank you, Voyager, I liked that video.
To crystalize for those who didn’t and won’t watch it…
- It depends on the type of lawsuit – and this is one of those judgements/damages that tends to remain in force beyond bankruptcy.
- In this instance he’s been told “If you want to appeal, post a bond for the current settlement amount first.”
- It’s astounding how low RG has sunk.
G!
He mentioned that Shaye & Moss also sued OAN for publishing Rudy’s lies. I don’t recall the news at the time, but per Wikipedia OAN settled in 2022. So that’s some good new that perhaps they did already get some significant compensation for their lives being upended by these scumbags.
In April 2022, they reached a settlement agreement with OANN and weeks later the network aired a pre-recorded 30-second segment acknowledging that its allegations were false.
As of today (5/17/2024), he’s officially missing. Authorities are looking for him to serve him with a subpoena, and I can’t be the only person who thinks he went off somewhere and, if you will, unalived himself.
Why? According to him, he’s never done anything wrong, and he has a girlfriend!
Pretty sure he’s not missing, just actively avoiding service. His NYC apartment is access-controlled and the process-servers aren’t being allowed past the lobby to actually hand him papers.
Not sure why he’s bothering. As a lawyer (possibly should be qualified with “former” now?) he ought to know this will only make things worse.
A recent interim deal worked out in the court overseeing his Georgia election workers’ case is allowing him a mere $43,000 a month to live on until things get wrapped.
What? $43,000 a month. Good grief. He should be getting at most a tenth of that. Do the poor women get that much a month from anybody? I think not.
I have no idea why rich/famous people are treated like this in court.