Rudy Giuliani files for bankruptcy. It won't get him off the hook for the $148 million he owes.

• Rudy Giuliani has filed for Chapter 11 bankruptcy in New York.
• A recent court case in Georgia ordered the former mayor to pay out $148 million.
• Bankruptcy protections won't save Giuliani from having to pay out, an expert told Business Insider.

Rudy Giuliani says he's bankrupt.

But bankruptcy protections won't save him from having to pay out the $148 million he owes two Georgia elections workers he defamed, a bankruptcy expert told Business Insider.