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Congressman Emerges from Personal Bankruptcy

Posted on in Bankruptcy

Texas Congressman Ruben Hinojosa has emerged from Chapter 11 bankruptcy, according to a recent article in the Huffington Post. Hinojosa filed for personal bankruptcy about two years ago after he could no longer handle his debts financially.

Hinojosa held almost 3 million dollars in debt at the time of his bankruptcy filing. He had taken a big loan from Wells Fargo Bank in order to save H&H Meat Products, a family-owned slaughterhouse which declared bankruptcy in 2008. “I have done everything humanly possible to avoid filing for bankruptcy protection to no avail,” Hinojosa said at the time. “The bank debt of H&H was more than I could handle financially.”

Hinojosa, who has served in Congress almost 15 years, sits on the House Financial Services Committee, and although House members have to report their financial situation to Congress every year, nothing prohibits indebted members from sitting on the Committee. Hinojosa's yearly salary is $174,000, and with his debts, he is hardly among the wealthiest of congressmen – about 47 percent of Congress members were reportedly millionaires in 2011.

After Hinojosa had filed for bankruptcy, documents showed that he spent a lot of money on
seemingly unnecessary expenses, for example, almost $2,000 on clothing and nearly $700 on cleaning expenses.

If you are faced with debt problems and don't know whether bankruptcy is or is not the best solution for you, you should discuss the details of your debt problems with a capable bankruptcy lawyer. There are different types of bankruptcies: contact our lawyers to learn more about them. Don't go through it alone. Contact a dedicated bankruptcy attorney in Northern Illinois at your earliest convenience.

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