Chapter 7 bankruptcy can be an issue in election

| Nov 5, 2013 | Chapter 7 |

Each fall, the election season comes for people in New Jersey and elsewhere across the country. As political candidates attempt to gain office, they often must endure media scrutiny of their personal finances. This can lead to discovery of financial difficulties, including the filing of a personal Chapter 7 bankruptcy that may have been necessitated due to financial difficulties in a challenging economy.

That is what has occurred for one local office candidate in another state. The woman and her husband found, like many individuals in New Jersey, that they had difficulty making payments on debts that came from medical expenses. This was a major factor in their decision to seek the protections offered by a bankruptcy, stated the candidate. The couple also had student loan debts and a car payment that were not subject to the discharge. These payments, the candidate says, continue to be made on time each month.

A Chapter 7 bankruptcy required that the candidate list all of her assets and debts. For both her and her husband, these included some $44,000 in medical debt and $32,000 in credit card debt. Much of these were unsecured debts and able to be discharged when the process was successfully completed.

Filing for a personal Chapter 7 bankruptcy can be a difficult choice for people in New Jersey and elsewhere. However, as was the case for the political candidate, it often results in a good outcome. In fact, the discharge allowed the woman and her husband to move forward with new jobs and the chance to serve their community in political office in the near future.

Source: JS Online, Assembly candidates have firsthand knowledge of debt, Daniel Bice, Nov. 3, 2013

Archives