By John ClarkMay 25, 2011
A Nevada economist who helps the state determine its yearly budget said he did not foresee his own financial collapse, which caused him to file for bankruptcy, according to the Las Vegas Sun.
John M. Restrepo, the chairman of the Nevada State Economic Forum, filed for Chapter 7 bankruptcy in November, citing $905,000 in debt and $360,000 in assets. The newspaper said Restrepo's bankruptcy was triggered by the collapse of his Las Vegas consulting business as a result of the Great Recession.
"I guess like all of us, who could have predicted the depth of this recession?" he told the paper.
Restrepo said he tapped into his own personal savings and retirement funds to pay employees, which eventually depleted both accounts. Despite his personal bankruptcy, the news source said Restrepo Consulting Group LLC remains in operation, although now its staff has been considerably reduced. While Restrepo used to have eight employees, he is currently down to one part-timer in addition to multiple freelance consultants.
According to the U.S. Bankruptcy Court, Nevada saw the largest number of personal bankruptcy petitions in nation during the 12-month period that ended March 31. The state had 10.8 filings per 1,000 population.