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On Behalf of | Nov 4, 2014 | Uncategorized

There are negative connotations to bankruptcy that are not necessarily deserved. Many people may not even consider filing for bankruptcy, despite the severity of their financial situation. Michigan readers may be interested in how a man who is running for Congress in another state was motivated by his bankruptcy experience. He says his Chapter 7 bankruptcy may serve as a lesson to people with overwhelming debt.

The Independent candidate said that the wrong financial choices he made when he was younger adversely affected his family. In addition, he followed bad advice that only escalated their dire situation. In 2008, he found himself with credit card debt amounting to $123,280 on a total of nine accounts. He claims that the final straw was taking up an offer for a promotional credit card with a 5.9 percent interest rate in 2007. However, within four months, the interest rate was increased to almost 30 percent, leaving him unable to maintain payments.

He reported that his next mistake was to act upon the advice of a debt relief company that ended up worsening the situation. It was after this setback that he apparently retained the services of a bankruptcy attorney. He asserts that this was the only wise choice he had made, which taught him about financial reform and how to avoid a similar situation in the future. Although he lost his house after his 2008 bankruptcy filing, he is now — six years later — well on the way to financial stability.

While some believe that taxpayers would prefer a Congressman with a clean financial record, this candidate is convinced that the lessons he learned are relevant to many residents and serve as motivation for him to run for Congress. Michigan consumers who are facing overwhelming credit card debt may want to explore the protection they would receive by filing for Chapter 7 or Chapter 13 bankruptcy. By seeking the help of an experienced professional, they may find that each option has its own advantages and provides a person the opportunity to start over.

Source:, “Mark Bray, running for Congress in north Alabama, filed for bankruptcy in 2008, says it’s ‘motivation’ for his candidacy“, Paul Gattis, Oct. 28, 2014

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