For a former president to file for bankruptcy, he must prove that the damages exceed his total net worth.
President Trump reiterated Monday that his financial statements are “understated and not overstated.”
But if the Trump Organization files for bankruptcy, Trump still responsible You will pay according to the judge's decision.
President Trump was ordered to pay on Friday. $354.8 million For conspiring to falsify net worth to obtain tax and insurance benefits.
This amount is further increased at 9% per annum by pre-judgment interest when he profits from the alleged fraud, according to New York state law.
Judge Arthur Engoron ruled that about half of the interest associated with loan savings can be calculated starting in 2019, when the New York attorney general's investigation began. The remainder relates to two of President Trump's real estate sales and will be calculated starting in May 2022 and June 2023.
The total amount owed by Trump is
Another $98.6 million Interest will be paid on the day Engoron enters the judgment and the total amount will be $453.5 million.
But that number will continue to grow until President Trump pays the fine.Every day, interest increases President Trump's total debt. Over $87,000.
Trump's net worth is notoriously unclear, but estimators such as Forbes and Bloomberg place his wealth at between $2.6 billion and $3.1 billion.
How much cash President Trump has on hand is another matter. The former president himself told lawyers at the New York attorney general's office that he had “effectively over $400 million in cash.”
“We have a lot of cash,” Trump said in a deposition last year, claiming that amount “is increasing significantly every month.”
President Trump's liquid assets, or cash and personal assets, are estimated at about $600 million.
The Hill's Ella Lee and Brett Samuels have more here.
