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Local Police Chief Files for Chapter 7 Bankruptcy

The taxpayers of a city are wondering how a police chief who, with her husband, earns $200,000 annually, could possibly be broke.

Yet that is exactly what the couple is claiming as they announced the decision to file for Chapter 7 bankruptcy this month. It seems as though a string of bad business ventures is to blame for the couples' financial status right now, as theaters that they own in the south side of Chicago and other businesses are failing.

The wife, a retired police lieutenant, was asked to step in as police chief of the city in 2009. However, it appears as though the mayor of the city was unaware that the wife and her husband were already deep in debt at that time.

Along with her husband, now the inspector general of the city, the wife has filed for personal bankruptcy and is in the process of reorganizing their company. She lists assets of just $400 with liabilities of $4.5 million.

If you plan to file for consumer bankruptcy in Chicago, contact a Chicago Chapter 7 bankruptcy lawyer from our firm today to receive your initial consultation. With an attorney on your side, you'll have a better understanding of Chapter 7 requirements, processes, and after effects.
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