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Rep. Ron Stephens files for Chapter 13 bankruptcy

Posted on Monday, January 30th, 2012 at 6:46 pm    

Ron Stephens, former Illinois State legislator representing the 102nd district, has filed for Chapter 13 bankruptcy.  Court documents show that Stephens filed for bankruptcy in May–3 months before his abrupt resignation in August.

Until recently, Stephens’s bankruptcy was not public.  When he resigned after serving nearly 24 years as a state legislator, Stephens did not say anything about struggling financially.  The only explanation the former representative provided was that redistricting had moved him into the same district as his colleague, Republican Rep. John Cavaletto.

According to the Chapter 13 bankruptcy filing, Stephens and his wife have a monthly income of around $17,500.  In addition, the filing lists liabilities in the amount of $615,000 and assets of $572,000.  Stephens had a 5-year repayment plan approved in September, which allows him to make monthly payments of $4,025.

If you or someone you know has questions about the benefits of filing for Chapter 13 bankruptcy, contact the Joliet Chapter 13 bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C. at 815-722-2201 to learn more today.