Disgraced former deputy mayor Salim Mehajer has claimed 'only God can bankrupt me' after spectacularly going bust in a Sydney court this week.

In a snappy 36-word Snapchat post while he remains behind bars, the controversial businessman said Tuesday's Federal Circuit Court ruling felt like a 'coward punch'.

'God willing, I'll be out in 7 days,' he said - in a hopeful reference to an imminent Supreme Court bail application.

'When out, I promise to set it aside like it never existed.

'Only God can bankrupt me!'

It was first comment Mehajer has made outside of a court room since he was refused bail in January over charges relating to a car crash he allegedly staged.

It's unclear how the post was uploaded - possibly by a friend or associate.

Federal Circuit Court Judge Justin Smith dealt the colourful identity a huge blow on Tuesday handing down the bankruptcy ruling.

'Only God can bankrupt me', Salim Mehajer said, after actually being declared bankrupt by the Federal Circuit Court on Tuesday

Mehajer said the bankruptcy ruling felt like a 'coward punch' and he hopes to be released on bail by the Supreme Court next week

Mehajer's Snapchat message to the world from jail is pictured above

The company which built a lavish marble staircase (pictured) at his sprawling Lidcombe home supported the bankruptcy application

The ruling came after one of Mehajer's companies failed to pay a $200,000 debt owing for marble work inside his lavish Lidcombe home.

The petitioning creditor for the bankruptcy order was the liquidator of Mehajer's property development business, SM Project Developments.

Other creditors, including the Australian Taxation Office and the company which built an elaborate staircase at his lavish Lidcombe home, supported the application.

Judge Smith rejected Mehajer's lawyer's argument that the bankruptcy notice was invalid.

The order means multi-million-dollar estate will be managed by a trustee who will take control of his property and financial affairs - and deal with his creditors.

Legal costs of the bankruptcy application totaling $20,524 will also come out of his estate.

The order is the latest bit of bad news to hit Mehajer, who was charged with perverting the course of justice and conspiracy to commit fraud in January.

He is currently behind bars awaiting trial after allegedly faking a car crash to avoid a court appearance over the assault of a taxi driver.

Mehajer's multi-million-dollar estate, including his Lidcombe home (pictured) will now be managed by a trustee who will take control of his property and financial affairs

Mehajer first made headlines after causing chaos and shutting down streets during his lavish wedding to now former wife Aysha in 2015

His dream of becoming Prime Minister is well and truly shattered - with legal battles on several fronts.

They include allegations he breached an AVO taken out by his former wife and claims of electoral fraud.

Mehajer was convicted of assault occasioning actual bodily harm after he threw an EPTPOS machine at the driver's face outside Sydney's Star casino in April last year.

He is accused of staging the car crash to avoid court over the matter - and defrauding an insurance company after he insured his Mercedes for over $150,000.

During a bail hearing last month, Mehajer said his situation was 'an absolute mess', with frozen bank accounts affecting his business, family, employees and investors.

Being incarcerated and having only one phone call a day was making it 'ever so difficult' to turn his fortunes around, Mehajer said.

'I am here between four walls and letting everything collapse... this is going to be a catastrophe,' he predicted.

Mehajer could face a lengthy jail term if convicted. Perverting the course of justice can attract a maximum sentence of 14 years in prison.

The 31-year-old is currently behind bars awaiting trial after allegedly faking a car crash to avoid a court appearance over the assault of a taxi driver

Mehajer is accused of staging the car crash and defrauding an insurance company, days after he'd insured his Mercedes for more than $150,000

The businessman was also last month found guilty of assaulting Channel Seven journalist Laura Banks.

The incident took place outside Day Street police station on April 2 last year, where Mehajer had been taken early that morning following the taxi driver incident.

Ms Banks had been standing in the doorway of a Porsche trying to quiz Mehajer when he slammed the car door against her.

He was found guilty of assault occasioning bodily over the incident, which left her with hand and back injuries.

The bankruptcy order comes as the 31-year-old faces a string of criminal charges

Mehajer first captured the public's attention in 2015 when his wedding shut down streets in Sydney's west.

He hired four helicopters that landed in a local park, while his fiancee Aysha travelled with a $50 million motorcade of 45 motorbikes and 35 luxury cars.

In a later television interview, he stood at a lectern and declared he wanted to be elected the nation's leader.

'I'd like to make my way up to the very top spot,' he said. 'That would [be] my dream come true.'