A Kansas senator who filed for Chapter 7 bankruptcy has been named the chair of the state’s Ways and Means Committee, which handles its budget.
Senator Ty Masterson-R filed for bankruptcy in 2010, following the failure of his business, Masterbuilt Homes, according to the Associated Press.
The AP reports that Masterson’s financial troubles began when an employee mismanaged projects and made unauthorized charges. Masterson’s bankruptcy filing showed he owed Corner Bank $209,000 and Emprise Bank $53,890 in commercial loans, plus more than $160,000 in revolving credit card debt.
Masterson told the AP that his, “[bankruptcy] case has been fully discharged from the courts, but he is still working with two banks and two vendors to repay debts even though the payments weren’t required by the court.”
“It’s just what I believe is the right thing to do in the end,” Masterson told the AP.
Masterson’s case shows that financial difficulties can strike anyone, especially people who make poor business investments. We applaud the senator’s openness about his financial difficulties.
Individuals struggling financially can file for Chapter 7 bankruptcy, which allows you to discharge debts like credit card debt and medical bills. If your financial situation is a problem, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.