There’s Life After Bankruptcy, Says Richmond Bankruptcy Attorney, Even For Politicians!

September 23, 2012 1:17 pm Published by

“Rarely do we think political leaders have the money woes of the common man.  Think again!” says goodfinancialcents.com. In fact, as I well know after being involved in studying and practicing Indiana bankruptcy law for more than two and a half decades, the history of famous political figures filing bankruptcy goes back more than 300 years and includes:

  • Thomas Jefferson
  • Benedict Arnold
  • Abraham Lincoln
  • William McKinley

 

And, as one of the Columbus bankruptcy lawyers who works in the Zuckerberg bankruptcy law offices points out, there’s no need to go that far back in history, either.  Two bankruptcies filed in just the past year and a half included:

  • Texas House representative Ruben Hinojosa.( Hinojosa had loaned money to a family meat company that couldn’t survive the recession.)
     
  • Illinois State Assemblyman Ron Stephens
     

Individual bankruptcy is part of the story for several current candidates for national office as well.  In fact, as one of my Richmond bankruptcy attorney colleagues noted, two candidates who are competing for state representative positions in the state of Washington have each previously filed bankruptcy. Steve Glaser, a Tennessee candidate for the House of Representatives, has declared Chapter 13 bankruptcy no fewer than four times. Glaser also has tax liens outstanding for personal income tax, business taxes.

The tax aspect of this story is one that’s important to explain, because one of the long-standing myths is that filing bankruptcy cannot help with tax debts. The fact is, in our Richmond Zuckerberg bankruptcy law offices, we help with taxes all the time. Of course, back taxes owed are nothing you want to ignore, and often, the biggest pressure on you is the wage garnishment that the IRS or the State of Indiana Revenue Office has put in place.  Filing personal bankruptcy in Indiana stops tax garnishments.  Sure, your kind of tax may be the kind that does not go away, but with the garnishment stopped, you’re in a much better position to deal with the tax and work on negotiating terms to repay what you owe.

So why do I consider this information about politicians important enough to share with my clients and Bankruptcy in Indiana readers? John Clark of chicagolegalauthority.com puts it well, I think, when he states that stories like these are “… raising awareness that bankruptcy can strike anyone, at any time, regardless of their social or political position.”  In fact, Clark observes, “Excluding people who have bankruptcy histories from running for political office would severely narrow the field of potential politicians!”
 


 

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This post was written by Mark Zuckerberg

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