Florida CFO candidate filed for personal bankruptcy three times
When Floridians run into financial trouble due to the loss of a job, unexpected medical expenses, or some other cause, they sometimes find debt relief through bankruptcy. Fortunately, most people learn from these challenges and take steps to avoid Chapter 13 or Chapter 7 bankruptcy in the future.
Just after he announced his plans to become the state’s next chief financial officer, Florida voters learned that Allie Braswell filed personal bankruptcy three times. The most recent bankruptcy filing took place in 2008, so it is quite possible that his personal finances are now in order. Before the election, Braswell will have to disclose his personal financial records. The other two bankruptcies were filed out of state in the 1990s; Braswell argues that one of these out-of-state cases was the result of a clerical error.
The reasons for the candidate’s past financial struggles are unknown. Braswell has apparently been through a divorce, which often affects people’s finances. In the 2008 bankruptcy case, the man reportedly had nearly $325,000 in assets but more than $500,000 in liabilities.
It is likely that most Floridians expect the state’s top financial manager to be able to manage personal and public finances well; otherwise, he might be likely to mismanage the state’s money. However, it is impossible to predict whether Florida voters will take his personal financial troubles into account on Election Day.
Fortunately, most people’s struggles to pay their bills are kept out of the public eye. People who need to eliminate debt may find it helpful to talk to a lawyer about personal bankruptcy.
Source: PolitiJax, “Newly minted Democratic candidate for CFO has filed for bankruptcy three times,” Matt Dixon, August 16, 2013