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Lawmaker Unsuccessful with Chapter 13

Just because you have been approved for bankruptcy doesn't mean that you have an easy road ahead of you. One former Virginia lawmaker and his wife learned this lesson the hard way after their reorganization plan was rejected by the court.

As per the usual routine for Chapter 13 bankruptcy cases, the reorganization plan was reviewed by the couple's trustee. However, he decided that the plan was in danger of being under-funded, as the couple had hoped to pay back 20 creditors in a period of five years.

While this would concern most people, the former lawmaker has more important things to worry about, such as whether he will be forced to spend time in court. In addition to his bankruptcy case, he has also been found guilty of extortion and bribery. As a result, he could be facing as much as 12.5 years in a federal prison for his crimes. That would leave his wife responsible for finishing their bankruptcy case and creating a new reorganization plan.

Considering Chapter 13 in Illinois? If so, learn if this type of bankruptcy is ideal for your financial situation by contacting a Chicago Chapter 13 lawyer from our legal team now.
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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

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