Former President Donald Trump filing for bankruptcy following the ruling in his civil fraud case may not save the former president, according to a legal analyst.
Trump’s legal team has admitted that they’ve been unable to secure a $464 million bond they could need to prevent New York Attorney General Letitia James from seizing his assets. Trump has until Monday to secure a bond or turn over cash to satisfy the judgement or risk losing his properties and money while he appeals the judgment.
While appearing on MSNBC’s Morning Joe, MSNBC legal analyst Lisa Rubin explained that if Trump files for bankruptcy there’s a chance he plungers “many of his existing loan agreements into default.” The amount his lenders could collect could be “far in excess” of what James believes is necessary for a bond, according to Rubin.
Even if Trump files bankruptcy for some of his entities, it might not be enough to halt the enforcement efforts, according to Rubin. She said Trump would also have to declare himself personally bankrupt, something she doesn’t foresee Trump doing.
This is a developing story that will be updated as more information becomes available.
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Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.