Many people in Cuyahoga Falls find that it’s often difficult to leave the problems of work at work when they come home. This can be especially true when one is the cause of those problems, as it’s not difficult to make the assumption that the same attitude that led someone to trouble at work has also led them to trouble at home. In particular, it’s not uncommon to hear that those who have difficulty in managing funds on the job also have trouble managing their personal finances. This can not only lead to professional failure, but also personal bankruptcy.
Such has been the case with a former Minnesota GOP party chairman who recently announced that he and his wife, who happen in the midst of a divorce, are filing for Chapter 7 bankruptcy protection. The two claim nearly $2.1 million in debts, ranging from credit card debt, real estate holdings, and personal loans.
Many who worked closely with the former chairman may not be surprised to hear of his personal financial struggles after seeing him resign his position as party chairman in 2011, leaving the party with almost $2 million in debt from having vastly overspent their resources, even to the point of having stopped paying rent for the building that served as the party’s headquarters. The aftermath of his poor financial management is still felt among the Minnesota GOP party today.
Overspending in all areas of one’s life can lead to trouble. Personal bankruptcy is available to not only help those who are deeply in debt, but also to hopefully teach them sound financial principles so as to avoid such pitfalls in the future. People looking to file their own personal bankruptcies may want to work with a bankruptcy attorney to assist them in adequately resolving their debts.
Source: Minneapolis Star-Tribune “Former Minnesota GOP chairman Tony Sutton declares personal bankruptcy” Baird Helgeson, Sep. 09, 2013
