:format(jpeg)/cloudfront-us-east-1.images.arcpublishing.com/elespectador/Z2YIVRGT4XDW72JVO3VJXAMBNE.jpg "Donald Trump’s accounts: how much he owes and how much he says he has")
Former US President Donald J. Trump is facing some hefty financial challenges as he navigates through legal battles and lawsuits. Following a hearing in one of the trials against him, Trump addressed the media and painted a picture of a man who is cash-strapped and buried in debt. Photo: EFE – David Dee Delgado.
Judge Arthur Engoron recently ordered Trump to pay a whopping $354 million to the state of New York due to findings that his family business, the Trump Organization, committed civil fraud. Additionally, Trump also faces a $83.3 million defamation payment to writer E. Jean Carroll, bringing his total debts from these two cases alone to over $430 million.
These financial woes are nothing new for Trump. In the 1990s, he declared two of his companies bankrupt and had two additional bankruptcy filings in the 2000s. However, Trump’s current financial crisis poses significant challenges as he faces mounting legal expenses and other debts.
The massive debts Trump is required to pay include a variety of fines, totaling almost $542 million related to the Carroll and civil fraud cases. On top of that, Trump also owes $1.3 billion in company debts, making his financial situation even more precarious.
The question on everyone’s mind is: how will Trump pay what he owes? With a reported $400 million in cash, Trump may find himself coming up short as the fines and legal expenses continue to pile up. His former lawyer, Michael Cohen, suggested that Trump is considering using donation funds from his campaign to cover the mounting legal expenses.
As Trump’s appeal against the fines is still pending, the uncertainty around when he will have to pay remains. Failing to pay could result in the garnishment of his assets or wages, putting him in a vulnerable financial position. As these financial challenges mount, concerns are growing regarding the implications of a presidential candidate with such significant debts.
The way Trump navigates through this financial predicament will significantly impact his ability to mount a comeback in the political sphere, leading to intense scrutiny and speculation about his finances.