New Jersey personal bankruptcy doesn’t end political career

| Nov 14, 2013 | Personal Bankruptcy |

Readers in New Jersey likely are aware that there are few restrictions on who can run for political office. In another state recently, two convicted felons and two people who declared personal bankruptcy were elected to a city council. Each of those elected will proceed to serve their community once sworn in next month.

The declaration of a personal bankruptcy has become somewhat common in politics in recent years. It is not surprising to people in New Jersey to learn that those seeking public office suffered some of the same financial stresses as others endured over the past few years. In fact, some even argue that it is these stresses that allow politicians to understand the challenges that their constituents face.

In one example, a woman elected to a city council in Michigan says that she had to file for a personal bankruptcy after using most of her savings to bury her deceased mother. This left her little to pay for her other expenses. She earns a paltry $7,000 a year in her public office. She filed a Chapter 7 bankruptcy, allowing her to discharge most of her unsecured debt.

Filing for a personal bankruptcy can be a difficult choice for people in New Jersey and elsewhere. However, it is apparent that is one that can help individuals and families confront unmanageable debt in a responsible and comprehensive manner. Undoubtedly, this is good news for people facing financial hardship and concerned about their future ability to obtain credit and/or new jobs. Those recently elected to political office prove that the life after a bankruptcy is full of opportunity.

Source: mlive.com, Flint voters elect two convicted felons, two others with bankruptcies to city council, Dominic Adams, Nov. 6, 2013

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