Donald Trump faced a Monday deadline to secure a bond for a multimillion-dollar civil fraud judgment against him, totaling over $454 million personally, ballooning to $463.9 million when including amounts owed by his sons, Eric and Donald Jr., and the Trump Organization, plus accrued interest. The New York Attorney General’s office under Letitia James is poised to seize Trump’s assets if he fails to cover the judgment as he appeals.
Legal experts have highlighted the potential targets for asset seizure, including buildings, houses, cars, helicopters, and bank accounts. Trump has requested a smaller bond or no bond at all, citing irreparable harm if forced to sell properties hastily. Seizing bank accounts is seen as the first step due to ease of enforcement, while property seizure involves a more complex process with auctions and legal requirements to be met.
The extensive legal process for seizing Trump’s property involves providing execution orders to the sheriff’s office, posting notices, advertising, and holding public auctions. State prosecutors have already taken steps to lay the groundwork for seizing Trump’s properties, filing judgments in Westchester County for properties like his golf course in Briarcliff Manor and Seven Springs estate. The process may extend to other states where Trump has assets, with out-of-state properties posing more challenges.
While legal battles and appeals are ongoing, bankruptcy remains a potential option for Trump, though not an ideal one. Bankruptcy could discharge the debt, leading to automatic stays on collection proceedings. Without securing the needed funds, Trump’s options are limited, potentially leading to property sales or bankruptcy to satisfy the judgment amount. Experts note that Trump may resort to various measures to avoid asset seizure, including selling off properties to cover the debt.
Despite Trump’s claims of having significant cash reserves, legal battles and fraud judgments have put his financial situation in jeopardy. The former president posted on Truth Social about the funds he intended for his campaign being targeted by the New York Attorney General’s office. However, his attorney clarified that the reported money was built up over years through business ventures, subject to legal actions. Experts suggest that Trump is facing a dire financial situation, with potentially devastating consequences for his business organization in New York.
As the clock ticks on the deadline for securing the bond, experts question the courtesy extended to Trump given the massive debt owed to the state of New York. With legal battles, appeals, and potential asset seizures looming, Trump faces a challenging financial situation. While strategies to avoid asset seizure or bankruptcy may be employed, the outcome remains uncertain. The legal maze of enforcing the judgment against Trump will likely continue to unfold, impacting both his personal finances and business interests.
