Mayor of Arizona City Files for Bankruptcy Protection | Legal News | News Ticker
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- Mayor of Arizona City Files for Bankruptcy Protection | Legal News | News Ticker
One of the many reasons that people hesitate before filing for bankruptcy protection is because they are embarrassed about their situation. What people should know, aside from the fact that a record number of people in Arizona have filed for bankruptcy protection during the past year, is that in this economy, serious financial problems can befall anyone. Those who find themselves struggling with money need to understand that they are far from alone. That notion has been reinforced by the news that the mayor of Surprise, Arizona has filed for personal bankruptcy protection.
The story of Lyn Truitt should sound terribly familiar to many people. Aside from his duties as mayor, Mr. Truitt had worked as a real estate broker, and his wife had also worked to help with the household income. After the real estate market imploded in the state, Mr. Truitt’s wife tragically passed away after a long battle with pancreatic cancer. The fight against this disease left Mr. Truitt with enormous medical bills, a situation that was only compounded by the debts incurred while trying to earn an income in the real estate market. Eventually, he was left with no choice but to start over.
Specifically, Mr. Truitt cited more than $460,000 in total debt along with an income of approximately $40,000 per year. This debt included $77,000 in credit card debt from 10 different accounts as well as more than $370,000 from two different mortgage notes on his home. The rest of the debt is believed to be tied directly to the medical bills that were not paid for cancer treatment.
Arizona Bankruptcy Lawyers
We are not discussing this Arizona bankruptcy case to embarrass anyone, and in fact our heart goes out to Mayor Truitt in hope that he can put this situation behind him and move on with his life. He has obviously been through a lot in recent times, and long medical battles such as the one he and his wife just endured can often be the culprit behind financial ruin. This story, though, is one that should hit home to Arizona residents who may find themselves in their own difficult situations and who want to find a way out.
If this includes you or someone you love, you need to seek the help of Phoenix bankruptcy attorneys who have helped thousands of people obtain a fresh financial start. ContactPhillips Law Group today to schedule a free initial consultation.
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