Phones Answered 24 Hours A Day Call 800-653-2243
Thompson Law Group, P.C.
Experienced Lawyers on Your Side
Menu / Navigate
Secondary Nav

Personal bankruptcy is not a bar to a career in public service

Both in Pennsylvania and throughout the country, people who have been through a bankruptcy are becoming more accepted in public service professions, such as serving in a legislative body or otherwise holding public office. Some of them even champion fiscally conservative platforms. Increasingly, they are freely sharing their struggle and bankruptcy filing as being a valuable learning experience.

One man who resides in a state adjacent to Pennsylvania is an example of the phenomenon. He serves as a councilman in his local government and is currently running for a county freeholder position. He stresses the importance of fiscal management and points to his financial ordeal when he lost a coupon business and had to file for bankruptcy protection in 2011.

In the bankruptcy filing, he listed debts that included $163,720 in credit card debt, two house mortgages totaling $417,324.49 and business debt of $79,000. The mortgages are on his home in Ramsey, New Jersey, which is valued at $440,000. He has reported  $538,598.85 in assets and $581,045.12 in liabilities.

It is common for a small businessperson to call upon the federal bankruptcy laws for protection when a business has not succeeded. Generally, all of the unsecured debt totaled up by credit card spending and other personal credit is discharged in a Chapter 7 bankruptcy. The remedy can cut a family's expenses down to a point where they can often afford to keep their home and continue the payments without the burden of a huge unsecured debt load. The remedies are generally similar in Pennsylvania and other states, but one should consult with a bankruptcy attorney to determine the nature and amounts of the exemptions available under federal and state law, and how they will be applied in that particular case.

Source: northjersey.com, "Bergen County GOP freeholder candidate says bankruptcy taught him hard fiscal lessons", Marina Villeneuve, Oct. 4, 2015

No Comments

Leave a comment
Comment Information

Contact the Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Warrendale Office
Main Office
125 Warrendale-Bayne Road
Suite 200
Warrendale, PA 15086

Toll Free: 800-653-2243
Map & Directions

Pittsburgh Office
DOWNTOWN PITTSBURGH
555 Grant Street Suite 331
Pittsburgh, PA 15219

Toll Free: 800-653-2243
Toll Free: 800-653-2243
Map & Directions

Greensburg Office
GREENSBURG OFFICE
101 North Main Street, Suite 104-A
Greensburg, PA 15601

Toll Free: 800-653-2243
Toll Free: 800-653-2243
Map & Directions

Canonsburg Office
Satellite Office
2400 Ansys Drive
Canonsburg, PA 15317

Toll Free: 800-653-2243
Map & Directions

Monroeville/Wilkins Township office
Satellite Office
400 Penn Center Boulevard
Suite 101
Pittsburgh, PA 15235

Toll Free: 800-653-2243
Map & Directions