When a person in California finds that they are unable to repay the debts that they owe, they often seek a solution to their financial problems. For many, the solution is the filing of a personal bankruptcy. Such an action can help people to restart financial loves that have been put on hold as a result of unmanageable debts.
This may have been what have led one man to file a personal bankruptcy in another state. Like people here in California, the man found that he couldn't pay the debts that he owed. Some of the debts may have come as a result of the recent economic recession that left so many in financial difficulty.
The personal bankruptcy documents filed in the case listed debts is the neighborhood of $241,000. This was opposed to assets of just $162,000. This disclosure is required in every personal bankruptcy case in California. The information listed is used to determine if any money is available for repayment to creditors.
The man who filed for the personal bankruptcy in this case has worked in the political arena for many years. However, it is unlikely that the personal bankruptcy will affect his career, though it may have helped the information make media outlets. However, he, like all others who find that they cannot repay what they owe, will be able to work within the system to rebuild his financial life, including credit ratings and business opportunities. This is an important result for all who wish to relieve themselves of overwhelming debts.
Source: baltimorebrew.com, "Personal bankruptcy for Councilman Bob Curran," Aug. 2, 2013