Rudy Giuliani, a longtime associate of former President Donald Trump, has filed for bankruptcy just days after he was ordered to pay $148m (£116m) in a defamation case.
He was ordered to pay the sum after a judge found he defamed two Georgia election workers over false claims they tampered with votes in 2020.
Mr Giuliani filed for bankruptcy on Thursday and listed debts as high as $500m and assets of $10m.
He has not commented on the filing.
“No person could have reasonably believed that [he] would be able to pay such a high punitive amount,” Mr Goodman said.
Mr Giuliani, 79, said earlier this year that he was having financial difficulties because of his increasing legal fees and expenses.
Last week, an eight-person jury ordered Mr Giuliani to pay $20m to Georgia poll workers Ruby Freeman and her daughter Wandrea “Shaye” Moss.
They were also awarded more than $16m each for emotional distress. Another payment of $75m in punitive damages was ordered to be split between them.
The pair had originally sought between $15m and $43m in damages from Mr Giuliani, Mr Trump’s former personal lawyer.
Addressing reporters outside the court after he was ordered to pay the sum, Mr Giuliani said: “I don’t regret a damn thing.”
Other creditors include the Internal Revenue Service (IRS) and two voting software companies that sued Mr Giuliani over his false claims of election fraud.
A law firm that previously represented Mr Giuliani, Davidoff Hutcher & Citron LLP, is also included. The firm sued Mr Rudy Giuliani for $1.4m in unpaid legal fees in September.
Mr Giuliani still faces an indictment in Georgia on racketeering and conspiracy charges as well as a $10m lawsuit by a former business associate over sexual harassment claims.