A Nevada economist files for a Chapter 7 bankruptcy?? This unusual news reported in the Las Vegas Sun illustrates the point that financial crisis can catch you off guard.? Even a professional economist who prepares annual budget forecasts for the state of Nevada reports he was surprised to learn that he needed to file for personal bankruptcy.? Here are details:
John M. Restrepo, chairman of the Nevada State Economic Forum, recently filed a Chapter 7 debt discharge bankruptcy in Nevada.?? Restrepo reported $905,000 in debt and $360,000 in assets.? The economist attributes his debt situation to the restructuring of his consulting business due to the recession.
Restrepo had to change his business from a full time staff of eight to only one part-time employee and a number of freelance consultants.? While his business remains an ongoing concern, the main reason Restrepo filed for personal bankruptcy is that he, perhaps unwisely, exhausted his personal savings and retirement funds in order to keep his consulting firm open.
Restrepo makes economic forecasts for the city of Los Vegas and the state of Nevada, but even he was unable to predict the intensity of the Great Recession when the subject was much closer to home. Perhaps his biggest mistake was using up personal savings to prop up a business that was losing money, instead of realizing that his business needed to be restructured.
This case is a good lesson for all of us, no matter how stable you might think your finances are now, it is a good idea to evaluate your situation from time to time.? If you see that debts are starting to out-pace income, seek financial advice before the situation gets out of control. Perhaps you need only to have the help of a trusted friend or relative to take an objective look at your budget.? Others made need professional advice in order to get to the point controlling and overcoming the debt that?s taking over their life.
Financial Freedom Law is an experienced, compassionate partner that can help you decide among many options, depending on income, assets, the nature of your debts, and the goals you may have after completion of a Chapter 7 or Chapter 13 bankruptcy.? Please contact our Sacramento law office at 916-313-9069 or via email at info@california-bankruptcyattorney.com
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Category: Bankruptcy attorney
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