Criminal matters and a conviction leading to jail time can result in financial chaos that needs to be addressed. Recently, in Florida, an ex-GOP chairman found himself filing for Chapter 7 bankruptcy. The filing comes after spending more than a year in prison. Jim Greer pleaded guilty to theft and money laundering while he was chairman.
The ex-chairman of the Florida political group has a number of creditors and also owes his ex-wife child support to the tune of $35,000. He also owes more than $15,000 to the Ellington Estate Homeowners’ Association. He states that the filing for Chapter 7 bankruptcy is a means of getting the fresh financial start he needs.
As of the time of the filing, it was reported that Greer owes debts to more than 60 creditors. The amount listed as owed to those various creditors is $1.5 million. The creditors include credit cards companies, doctors’ offices and law firms. The amount of liabilities are reportedly three times the amount of assets the man and his wife had at the time of filing.
The ex-GOP official is no longer in prison and has a job earning around $5,000 a month. By filing chapter 7 bankruptcy in Florida, he may be able to see a large part of his debts discharged, allowing him to eventually repair credit damage and manage to possibly stay on top of financial issues. While the financial recovery may take longer if there are more significant debts to address, chapter 7 bankruptcy can help most families stop the downward spiral and begin to recover as finances improve.
Source: orlandosentinel.com, “Jim Greer Republican bankruptcy Orlando“, Elyssa Cherney, April 27, 2015