In a significant blow to former New York City mayor Rudy Giuliani, a judge has ruled that he is no longer eligible for bankruptcy protection. The decision opens the door for creditors to immediately go after his assets, including two properties, bank accounts, a luxury car, valuable sports memorabilia, and more.

The bankruptcy case stems from a defamation lawsuit filed by two Georgia election workers, Ruby Freeman and Shaye Moss, who were awarded $148 million in damages against Giuliani for his false statements following the 2020 election. Judge Sean Lane of the federal bankruptcy court in New York stated that Giuliani's lack of transparency during the proceedings played a role in his decision to end the bankruptcy protection.

Despite claiming to be worth approximately $10.6 million, with most of his wealth tied to two apartments in New York City and Palm Beach, Florida, Giuliani now faces the imminent threat of liens on these properties by Freeman and Moss, along with other creditors. His lawyers have indicated that they will appeal the defamation jury verdict, potentially taking the fight to state court.

The value of Giuliani's other assets, such as his bank accounts, a Mercedes-Benz sports car, 26 luxury watches, three World Series championship rings, and baseball memorabilia, remains uncertain. Creditors have accused Giuliani of downplaying and not fully disclosing the true value of these possessions.

Furthermore, Giuliani has alleged that the state of California owes him over $10,000 due to overpaid taxes from his appearance on the television show "The Masked Singer." Recent bankruptcy filings also reveal that Giuliani expects to receive significant payments from ventures such as coffee beans marketed under his name and an upcoming documentary.

The court's decision represents a significant setback for Giuliani, whose reputation has suffered due to his involvement as former President Donald Trump's attorney following the 2020 election. Giuliani lost his law license in New York last week due to spreading false information in court regarding election results. Additionally, he is facing criminal charges in Arizona and Georgia related to the former president's attempts to challenge his electoral loss.

Giuliani's creditors, including Freeman, Moss, and numerous other entities and individuals, argue that he has been exploiting the bankruptcy system to avoid paying his debts and have accused him of acting in bad faith. The lack of transparency provided by Giuliani into his assets has only fueled their frustration.

As the legal battle intensifies, Giuliani's financial troubles continue to mount. In addition to the defamation payout, he owes over $1 million in taxes, tens of thousands of dollars in unpaid phone bills, and more than $1 million to a law firm that represented him in past investigations. Other parties, including former assistants and voting machine companies Smartmatic and Dominion, have also filed lawsuits against him.

Giuliani's downfall serves as a stark reminder of the potential consequences for those who engage in questionable actions and fail to address mounting financial obligations.