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Texas congressman Ruben Hinojosa completes personal bankruptcy

Just about everybody feels some sense of duty to their family. Those who own and operate a family business that has been passed down through generations may feel a duty to do what they can to keep those businesses alive, even at the cost of their own financial well-being. One Texas congressman, Ruben Hinojosa, may have done this. That may have been one reason why he sought the protection of personal bankruptcy to address his financial concerns in a responsible fashion.

Hinojosa says that the main reason he was forced to file bankruptcy was a loan he had secured to help his family's business, which had filed for business bankruptcy in 2008. The lawmaker decided to petition for bankruptcy in 2010 and has recently emerged from the bankruptcy process. The congressman reportedly owed $2.9 million in debt at the time of his filing. Wells Fargo Bank claimed $2.6 million of this debt owed by the petitioner.

The congressman notes that he did everything he could possibly do in order to avoid having to petition for bankruptcy. He says that the debt incurred to save the family business was too much for him to handle. The family business, H&H Meat Products, is a slaughterhouse which was started by the congressman's father and uncle.

Although it is unfortunate that the Texas congressman experienced some financial hardships, he is likely now better off after his personal bankruptcy. The process generally allows petitioners to either discharge debt or reorganize debts into more sustainable payment schedules under the supervision of the court. The congressman will now be able to move on to the next part of his financial life as well as concentrate on helping to shape important legislation.

Source: Huffington Post, "Ruben Hinojosa, Texas Congressman, Emerges From Bankruptcy," Chelsea Kiene, March 7, 2013

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