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Sheriff candidate filed Chapter 13 and Chapter 7 bankruptcy

The recent recession has left many people in dire financial straits. However, there are various solutions available for Texas residents who are in trouble. One of the most effective solutions can be to file for bankruptcy. Most people either choose a Chapter 7 or Chapter 13 bankruptcy, each with its own advantages and disadvantages. One Republican candidate for sheriff has filed for both types of bankruptcies in the past.

The sheriff candidate claims that he was buried in family medical bills which forced him to file for bankruptcy. In a debate in mid-October, he clarified that the medical bills stemmed from complications with his daughter's ovaries. He also asserted that these types of financial emergencies could happen to anybody.

The man's Chapter 13 bankruptcy, which he petitioned for in May 2004, reported a total debt of $252,071.62. Among that debt was listed two home loans that totaled more than $100,000. These two mortgages were transferred between Washington Mutual and Wells Fargo, according to the man's bankruptcy petition. Other debts included $13,426.79 owed on a Harley-Davidson credit card, as well as two vehicle loans for nearly $30,000.

This case illustrates a variety of different types of debts which could possibly force somebody to file for Chapter 7 or Chapter 13 bankruptcy. A Chapter 7 petition has the ability to discharge all unsecured debts, while a Chapter 13 filing is geared towards reorganizing debts into more manageable payment schedules. Texas residents should carefully analyze their financial situation before deciding what type of bankruptcy filing might be best for them. Seeking legal advice can also help individuals determine all of the viable options available for their particular situation.

Source: The Dade County Sentinel, "What Were The Debts For? Here's A Peek At The Records," Robin Ford Wallace, Oct. 17, 2012

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