Filing of Colorado Politician Shows Benefits of Chapter 7 Bankruptcy
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Filing of Colorado Politician Shows Benefits of Chapter 7 Bankruptcy

September 10, 2012

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Jared Wright, a candidate for the Colorado House of Representatives, is filing for Chapter 7 bankruptcy in an effort to discharge more than $70,000 in debt, according to a report from the Grand Junction Sentinel.

Sources say that Wright, who filed in U.S. Bankruptcy Court in Denver, owes more than $12,257 in credit card debt, $35,000 to a local credit union for a personal loan, $6,000 to Kay Jewelers, and, oddly, $1,000 to a tanning salon.

When asked by reporters why he’d accrued so much debt, the Republican candidate blamed his troubles on bad investments and what he termed "the Obama economy."

The bankruptcy, unfortunately, was not filed in time to prevent the foreclosure of his Colorado home, but Wright believes that Chapter 7 will help him discharge a healthy portion of his outstanding debts.

Sources report that Wright has been working to pare down his debts for years. At one point, Wright reportedly owed more than $40,000 in car loans on a 2007 Toyota Prius, a 2004 Mini Cooper, and a 1967 Chevy Camaro.

And when he was working as a police officer in the town of Fruita, Wright apparently had a portion of his paycheck garnished to help repay a $2,000 debt that he owed to a credit union.

In addition, Wright has been the subject of a recent collection lawsuit in Mesa County, and owes nearly $80,000 to 48 different creditors, including 11 businesses in the city of Grand Junction, according to sources.

But despite all his debt woes and his pending bankruptcy, the chairwoman for the Mesa County GOP Committee, Ruth Elders, said she and her party will continue to support Wright in his bid for the state House.

This vote of confidence parallels similar activities in other states, where more and more candidates for political officer are revealing their histories with bankruptcy filings and debt.

This year, more than one million Americans are expected to file for Chapter 7 bankruptcy, including white collar professionals, successful business leaders, and popular politicians.


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