The husband of one of the top officials at the San Diego Better Business Bureau recently filed for bankruptcy in U.S. Bankruptcy Court in California. According to court records, the Lake Elsinore entrepreneur declared that his debts are upward of $500,000 and his assets are less than $50,000. The entrepreneur apparently owes money to his wife, as well, and she filed for separation after saying that she didn't expect to recoup her investment. To try to get his finances back on track, the business owner filed for bankruptcy protection earlier this year.
The man is an entrepreneur who was involved in a number of projects and owned dozens of business over the years, including one that sought to create an engine that runs on water. However, he stressed in a recent news article that the bankruptcy filing was a personal bankruptcy and not a business bankruptcy.
The entrepreneur said that he had no choice but to file for bankruptcy because of ongoing disputes with banks and investors. He simply needed the protection that filing for personal bankruptcy provides from creditors. The filing is a move that he hopes will allow him to continue moving forward with his business and with his life.
As readers in the San Diego area know, bankruptcy can be hard on everyone involved, but sometimes it is the only way to make a fresh start. Harassment from creditors and overwhelming payments distract from an individual's ability to work and live, making it even harder to pay back the debt. Knowing that there is a way out from under all the debt is extremely important and often the first step towards finding relief from all the hardship associated with debt.
Source: U-T San Diego, "Entrepreneur files for bankruptcy," Jeff McDonald, Feb. 19, 2012