Now in Legal Rebels:
Posted Apr 25, 2012 10:40 pm CDT
It isn’t just recent law graduates who are struggling in a difficult economy.
A federal district court judge in California has made a Chapter 7 personal bankruptcy filing, reports the Wall Street Journal Law Blog.
U.S. District Judge Otis Wright II has only been on the federal bench a few years, having been confirmed in 2007, the article notes.
His lawyer, Raymond Aver, said the judge used retirement funds, which presumably would have been protected from creditors in bankruptcy, to pay off a substantial amount of debt before resorting to Chapter 7. His home has been put on the market at an asking price of about $1.2 million.
The petition in the Central District of California case, which was filed last year, listed just under $900,000 in liabilities, including about $70,000 in credit card debt, and liquid assets of $833,426, the newspaper reports.
“What he did was everything he could to pay his creditors,” said Aver. “But like so many others, he’s underwater.”