How Donald Trump's Legal Woes Could Impact His Staggering Fortune
Donald Trump is attempting to laugh off his many legal woes, but it's likely the vast financial payouts he's facing aren't so funny. If there's a guaranteed way to hit Trump where it hurts, it's bang smack in the wallet, and right now, his billfold is taking some serious pummeling. It's so severe, in fact, that it could gravely impact that staggering fortune Trump holds so dear.
Trump's cringe-worthy court appearances are not working out too well. Among Trump's trials so far is a civil fraud case over allegedly inflating the value of his properties. The February 16 verdict demands over $350 million in damages and bars him from conducting business in New York for three years. As The Atlantic notes, he was also fined $15,000 for violating a gag order related to that trial. Before that, he was ordered in January fto pay $88.3 million to E. Jean Carroll for defamation.
In March, Trump is set to face the music in NYC for allegedly paying to hush up his alleged affair with Stormy Daniels. On May 20, Trump is scheduled to answer charges in Florida of willfully retaining national defense documents and obstructing justice. Then there's the Georgia case, which has yet to be assigned a court date. That one covers many charges related to Trump allegedly attempting to fix election results. Finally, he faces charges in Columbia of corruptly obstructing an official proceeding, conspiracy to obstruct an official proceeding, conspiracy to defraud the United States, and conspiracy against rights, per Law Fare. A court date for that one has yet to be set.
So, when all is said and done, how much could Trump's legal woes ultimately cost him?
Donald's feeling the pinch
Donald Trump's bragging about the size of his bank balance and the supposed value of his properties has returned to haunt him ... and it's going to cost him dearly. Trump's civil fraud case was a result of him allegedly inflating his personal wealth and the value of his properties to obtain favorable bank loan rates. The $350 million demanded by the verdict is in addition to the $88.3 million Trump has been ordered to pay to E. Jean Carroll for defaming the writer while denying he sexually assaulted her.
During his April 2023 deposition with New York Attorney General Letitia James (via Daily Beast), Trump bragged of having $400 million in cash. Even if that is true, it will still not cover the $438.3 million payout he's potentially facing. Adding further to the financial migraine Trump's likely suffering right now is that under New York law, the judgment handed down by Judge Engoron is immediately subject to 9 percent interest, and the inevitable appeal Trump will file will do nothing to ease his cash flow issues. He must first pay the total judgment amount, interest, and another 10 to 20 percent on top to petition the court. Oh, and that's all by the middle of March.
The bankrupt POTUS?
Donald Trump shows no sign of worrying about impending financial ruin. In fact, he's conducting business as usual. Trump has denied any legal wrongdoing, and his attorneys have persistently — but unsuccessfully — demanded charges be dropped. Meanwhile, the former president has been embarking on fury-fueled ALL CAPS Truth Social rampages against all and any perceived enemies and firing up the MAGA crowds at campaign rallies across the U.S.
The AP notes that Trump attempted to duck out of the Georgia election tampering case by insisting he was immune to prosecution. However, a federal appeals panel was having none of it, and tossed his claims out. If Trump does receive prison time, it won't disqualify him from becoming commander-in-chief. So, despite his never-ending legal woes, the future still looks bright for him.
Meanwhile, there's an obvious option to help Trump wash his hands of his staggering financial issues: He can file for bankruptcy, as he's done a whopping six times already. Per France Law Group, the businessman filed for Chapter 11 bankruptcy in 1991, three times in 1992, in 2004, and in 2009. Luckily for Trump, bankruptcy also doesn't affect somebody's ability to become president. And the public clearly doesn't care — according to a survey by the Financial Times and the University of Michigan Ross School of Business, 42 percent of voters believe Trump would better handle the American economy vs. 31 percent who have faith in President Joe Biden.