Rudy Giuliani, former New York City mayor and former personal attorney for former President Donald Trump, filed for bankruptcy Thursday after a jury ordered him to pay a monumental defamation fine to two Georgia election workers.

Giuliani filed for bankruptcy in New York, citing an inability to meet millions in legal fees and unpaid taxes. He also listed several lawsuits that have not yet gone to trial and could increase his debt.

The 79-year-old former mayor's decision came just days after he was ordered to pay $148 million in damages to Ruby Freeman and Shaye Moss for claiming the two had committed fraud during the 2020 presidential election.

The court's decision stated that the millions of dollars should be paid as follows: $17 million to Moss for defamation, plus another $20 million for emotional distress. Meanwhile, Freeman was to receive $16 million for defamation and another $20 million for emotional distress. Added to that would be an additional $75 million in punitive damages.

"The absurdity of the number merely underscores the absurdity of the entire proceeding, where I've not been allowed to offer one single piece of evidence in defense, of which I have a lot," Giuliani said after the court's decision.

Filing for bankruptcy will buy Giuliani time

Ted Goodman, Giuliani's political advisor, said that the former mayor's decision "should not come as a surprise to anyone" because it was unreasonable to believe that he could pay such a high amount. Goodman also noted that Giuliani's decision will give him the time to file an appeal to reverse the situation.

"[It] will afford Mayor Giuliani the opportunity and time to pursue an appeal, while providing transparency for his finances under the supervision of the bankruptcy court, to ensure all creditors are treated equally and fairly throughout the process," he said.

The former mayor had already advanced that he intended to appeal and affirmed that when the case comes "before a fair court," the ruling will be quickly reversed.