In a stunning turn of events, former New York City Mayor Rudy Giuliani has filed for bankruptcy after being ordered to pay $148 million in a defamation lawsuit. The bankruptcy filing revealed nearly $153 million in existing or potential debts, including almost $1 million in tax liabilities, money owed to lawyers, and potential legal judgments in lawsuits against him. His estimated assets were listed as between $1 million and $10 million. Ted Goodman, a political adviser and spokesperson for Giuliani, stated that the bankruptcy filing was not surprising, given Giuliani's financial situation.

From Rudy Giuliani's defamation of election workers to Fox News' defamation of Dominion, these lawsuits are proving to be effective tools for holding liars accountable.

A message is being sent to grifters: You could be one big lie away from bankruptcy. https://t.co/6Hmfz8RsMB

— Ahmed Baba (@AhmedBaba_) December 21, 2023

The bankruptcy filing, he said, would give Giuliani the opportunity to pursue an appeal while providing transparency for his finances under the supervision of the bankruptcy court to ensure fairness for all creditors. The damages verdict was the latest sign of Giuliani's mounting financial strain, exacerbated by investigations, lawsuits, fines, sanctions, and damages related to his work helping former President Donald Trump try to overturn the 2020 election. Giuliani's financial troubles have been worsened by lawsuits, tax liens, and unpaid legal bills.

With numerous potential liabilities listed, including lawsuits by election technology companies, allegations of coercion, and unpaid wages, Giuliani's financial woes appear to be extensive. His bankruptcy filing did not elaborate on how he has been making money, but he continues to host a daily radio show in his hometown and a nightly streaming show on social media. Bankruptcy likely will not erase the $148 million in damages awarded to the former Georgia election workers, Ruby Freeman and Wandrea' “Shaye Moss.

On a criminal front, Giuliani is also facing a trial in Georgia, having pleaded not guilty to charges accusing him of participating in a conspiracy to thwart the will of Georgia’s voters who had selected Biden over Trump. Giuliani also faces 13 charges, including violation of Georgia’s anti-racketeering law. The bankruptcy filing marks a significant downfall for Giuliani, a one-time Republican presidential candidate and high-ranking Justice Department official, who was once heralded as America's Mayor for his calm and steady leadership following the terrorist attacks on September 11, 2001. His financial struggles serve as a stark reminder of the consequences of his involvement in spreading false claims about the 2020 election.