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Last week, when a civil court judge in New York ruled against Donald J. Trump, he imposed a set of penalties so severe that they could temporarily sever the former president from his real-estate empire and wipe out all of his cash.

Jonah Bromwich, who covers criminal justice in New York, and Maggie Haberman, a senior political correspondent for The Times, explain what that will mean for Mr. Trump as a businessman and as a candidate.

On today’s episode

Background reading

• Mr. Trump was met with a $450 million blow to his finances and his identity.

• Here’s a guide to the New York law that made the fierce punishment possible.

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Special thanks to Ben Protess.

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