The commissioner of Hall County, Florida recently filed for bankruptcy along with his wife. He announced that he is currently working on a plan for repaying his debts.
According to the commissioner, who filed for Chapter 13 bankruptcy protection, his financial struggles are in part due to the fact that he left his former job with a phone service provider shortly before winning the November election, so that his new job as a commissioner wouldn’t become a liability. He didn’t want his constituents to assume that he might favor policies that would directly benefit his employer.
The commissioner went on to explain that his filing for bankruptcy would have no impact on his work as an elected official.
In total, the commissioner claimed $615,499 in liabilities and $633,322 in assets. His debts included several thousands of dollars of credit debt and two mortgages on his family’s home. The commissioner’s household income was listed at just over $9,000 per month.
This marks the second recent example of a Florida commissioner deciding to file for bankruptcy. Another commissioner was forced to take the same action with his construction business, which was failing in a dwindling economy.
During this tough financial time, with a downed economy and people struggling to find a job or keep a business afloat, filing for bankruptcy can be a viable debt relief option for individuals and businesses alike. There are a variety of options for filing for bankruptcy, and how a person chooses to file is dependent on what kind of debt he or she has and what their income status is like.
Source: Gainesville Times, “Hall commissioner Lutz files for bankruptcy,” Melissa Weinman, 7 Feb 2011