Former President Donald Trump would still be liable to pay his civil fraud penalties even if he or the Trump Organization declared bankruptcy. New York appellate court that the former president couldn’t post a bond covering the full amount of a $454 million judgment that 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. With interest, Trump owes the state $456.8 million.
He must post a bond covering the full amount of the judgment in order to pause its enforcement, which is set to begin on March 25. New York Attorney General Letitia James has said she would seek to seize some of Trump’s assets if he is unable to pay. 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.” Lawsuits, including those related to the Capitol riot and a defamation case against the writer E. Jean Carroll, have pushed his legal debt north of a half-billion dollars, according to his lawyers. Experts say that declaring bankruptcy would not get former president Donald Trump out of paying his civil fraud penalties
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