Last week, sources revealed that former State Representative Ron Stephens filed for Chapter 13 bankruptcy.  Stephens represented Illinois’s 102nd district, and suddenly resigned in August, 27 years after he was elected for the first time.

According to court documents, Stephens filed bankruptcy papers in May 2011, about 3 months before resigning.  The legislator cited redistricting as the reason for his resignation–not any financial problems.

Stephens and his wife reported assets of $572,000 and liabilities of $615,000 in their Chapter 13 filing.  The two submitted a repayment plan that was approved in September and allows them to pay off their debts with $4,025 monthly payments over a 5-year term.

To speak with an experienced bankruptcy attorney about reorganizing your finances under Chapter 13 bankruptcy, contact the Chicagoland Chapter 13 bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C. by calling 312-360-0500 today.