In California or elsewhere, when people decide to run for political office, all aspects of their lives can be made public. This is what happened to one man when he first became the Mayor of his home city and then sought re-election. During his political life, the man at the center of this case filed for a personal bankruptcy.
In his personal bankruptcy case, the mayor seeking re-election had to report what he owed and owned to the court. This is similar to what occurs in bankruptcy cases here in California. In fact, in every instance of bankruptcy, all financial matters must be reported to the court at the onset of the filing.
In the mayor's case, the man asserted that he owed some $8.5 million to various creditors. Many of these debts came when his commercial real estate business suffered during the economic recession that has plagued the nation over the past few years. The value of his assets were not reported directly by the media.
Filing for personal bankruptcy can lead many people in California to wonder about their future. They may be happy to hear of individuals like the Mayor who are able to rebuild their careers and financial lives when a bankruptcy is completed. This information can offer hope to some who are financially struggling. To help ensure that the best possible outcome is achieved, however, it can be beneficial for people to understand the bankruptcy process and how it will affect them before going through with it on their own.
Source: News-Record.com, Despite personal issues, mayor projects positive image, Amanda Lehmert, Sept. 17, 2013