Bankruptcy would not get Donald Trump out of paying his civil fraud penalties. He would still be liable to pay even if he or his organization declared bankruptcy.
Former President Donald Trump would still be liable to pay his civil fraud penalties even if he or the Trump Organization declared bankruptcy.told a New York appellate court that the former president couldn’t post a bond covering the full amount of a $454 millionthat Trump and his co-defendants schemed for years to deceive banks and insurers by inflating his wealth on financial statements used to secure loans and make deals.
Citing rejections from more than 30 bond underwriters, Trump’s lawyers wrote in a court filing that “obtaining an appeal bond in the full amount” of the judgment “is not possible under the circumstances presented.”against the writer E. Jean Carroll, have pushed his legal debt north of a half-billion dollars, according to his lawyers., Max L.
However, not all debts can be discharged, according to the U.S. Courts. One of the most common types of nondischargeable debts is debts to governmental units for fines and penalties.also exempts from discharge “any debt… for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by… false pretenses, a false representation, or actual fraud.”Gregory L.
In an email, Germain explained that the primary purpose of a bankruptcy filing would be to utilize the automatic stay to prevent New York state Attorney General Letitia James from seizing Trump’s personal and corporate assets while he pursues his appeal. An“Upon filing bankruptcy, an automatic stay goes into effect to prevent creditors from enforcing their judgments.
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