John T Kemper III won the Republican nomination for state auditor of Kentucky even though he filed for bankruptcy, according to the Huffington Post. Kemper who us a Tea Party activist hopes to decrease the size of government if he wins the election.
Kemper is a residential developer in Lexington who ran into financial troubles which caused him to file for Chapter11 protection in 2009. A development he was working on went bust and Kemper found himself $3.4 million underwater when he filed and is not making quarterly payments to his 20 debtors.
His opponent, Adam Edelen, stated “Like a lot of families across Kentucky and the country John is going through tough times.” Kemper believes his decision to restructure his debts instead of giving up is appreciated by his constituents.
There is a lot of stigma attached to bankruptcy. There is the impression that people who declare bankruptcy are trying to avoid paying off their debts, but a bankruptcy attorney will tell you this is not he case. Most bankruptcy settlements require all debts be settled through structured payments.
Bankruptcy allows people to restructure their debt or liquidate assets so they can have a fresh start with their finances. A bankruptcy lawyer will be able to inform a person which type of filing suits their needs and abilities. It is easy for a person to find themselves in financial troubles and with the help of a bankruptcy attorney; an individual can find some relief.
