© Reuters. Trump’s Treasures On The Line: A March 25 Deadline Approaches, Here’s What Happens Next
Benzinga – by Bibhu Pattnaik, Benzinga Staff Writer.
Attorney General Letitia James is poised to target former President Donald Trump‘s assets if he fails to settle a hefty civil fraud debt.
This move could see Trump’s properties, including those in New York City and upstate New York, potentially sold at a sheriff’s auction.
But what happens to Trump if he doesn’t pay $457 million by the March 25 deadline? Nothing yet, Bernard D’Orazio, a seasoned judgment-enforcement attorney, told Business Insider.
The quadruple-indicted GOP frontrunner is “fully within his legal rights to do nothing, and if he fails to pay, he cannot be put in jail,” D’Orazio says.
“We don’t jail debtors anymore. We only jail them, in rare cases, if they don’t comply with court orders and are found in contempt of court,” he added.
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If Trump fails to pay the debt, according to D’Orazio, here’s what will happen next. The enforcement process could start with freezing Trump’s liquid assets in New York-registered bank accounts, followed by the sheriff’s office garnishing these funds.
This step does not immediately transfer the funds to the creditor but is crucial in the enforcement process.
James is also monitoring real estate assets, with properties like 40 Wall Street as potential targets for auction.
The auction of Trump’s properties, including his Manhattan penthouse, could take many months, potentially aligning with significant political timelines.
The twice-impeached Trump can delay the process, including appeals and petitions for protective orders, which could extend the timeline further.
Any auction would aim to cover the judgment amount and contribute to city coffers through a “poundage fee.”
The outcome of these enforcement actions could significantly impact Trump’s financial and real estate holdings, marking a pivotal moment in this high-profile case.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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