By: Mike Stetzer
April 29, 2011
A failed real estate partnership has caused two-term Sullivan County, Tennessee commissioner Cathy Armstrong of Bristol and her husband to file for Chapter 7 bankruptcy protection in order to settle more than $27 million in debts.
The Bristol News reports that Armstrong recently released a letter detailing her family's decision to file for bankruptcy protection in January with East Tennessee's bankruptcy court. Chapter 7 bankruptcy reportedly allows people to repay debts while still holding onto assets such as their homes.
In the letter, Armstrong said that "we didn't accumulate all of that debt ourselves," adding that the letter served as an attempt to "set the record straight."
"In order to save our personal investments, real estate and businesses, we had no choice but to follow suit and file Chapter 7 bankruptcy," she wrote.
According to the website for Sullivan County, Armstrong serves as commissioner of the second district covering the eastern portion of Bristol.