Rudy Giuliani files for BANKRUPTCY and lists more than $500million in debts
(www.dailymail.co.uk)
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Well, I had to help my parents when they filed for bankruptcy and sat in their lawyer's office with them for dozens of hours and was the one who cataloged all their assets, so I know a little bit about it.
Could you give me a specific example of being wrong in what I wrote about bankruptcies here, please?
For starters, by filing bankruptcy he is screwing the very system that attempted to steal his wealth by fining him millions of dollars on defamation case. This way his assets are declared to be so much less than the fine amount and wouldn't be able to pay. Pretty sure he distributed his assets to his offsprings and relatives before doing this. Again, he is a world famous lawyer, he knows (or works with the experts) all the loop holes of the system. Many people as posted by others here play these games including at least couple of friends I had, who were also very knowledgeable about money system and numbers.
Sorry about your parents' situation.
You should really hope he didn't do that. Because it's fraud.
"Chapter 7 Transfer Property Rules: The Trustee Recovers Fraudulently Transferred Property Filers in Chapter 7 who transfer property before bankruptcy should know the Chapter 7 trustee has many powers. One of the trustee's powers is legally "avoiding" or canceling certain transfers, such as the vehicle transfer to your brother. The avoidance allows the trustee to recover the transferred property."
https://www.nolo.com/legal-encyclopedia/bankruptcy-trustee-finds-property-transferred.html
Whatever you have sold or given away in the 2 years before bankruptcy is vulnerable to being seized by the bankruptcy court.
So unless he knew more than two years ago that he was going to get hit with this judgment, he most likely had no reason to start giving away his assets. Whatever he has given away since he was hit with this lawsuit is most likely going to be seized by the court.
Bankruptcy judges aren't stupid. They are well aware of the things people will do to hide their assets from the court. And if the judge thinks you've done that, you're in deep shit.
My parent's lawyer said that the number one way to screw up your bankruptcy is to try to hide assets.
I'm sure they'll have a forensic accountant or two going over all his financial statements from the past 10 years, hunting down how much money he has.
They had one in my parent's bankruptcy, and they weren't anywhere near 500 million dollars in debt.
Based on your experience, you know about bankruptcy so much more than I do. But again, Rudy has decades of experience in law, he knows so much more than us. That's all I can say. When it comes to millions of dollars, they play so many games that we can't comprehend.
Just because he's a lawyer doesn't mean he's immune from being fiscally irresponsible. And it doesn't mean he's an expert at all kinds of law. I'm pretty sure he wasn't a bankruptcy lawyer, so while he will know more than a layman, it wouldn't mean he's an expert at bankruptcy law.
Passing the bar doesn't give you superpowers that protect you from bad choices and bankruptcy laws.
I'm not sure how much he's screwing the system, because filing bankruptcy is not going to save him from having to pay out on those defamation lawsuits.
From the article above:
It just bothers me that people are so giddy about someone being that fiscally retarded, and passing his debts onto others, just because they think it will prevent those people from collecting on their lawsuits. It won't.