The financial expert filed for Chapter 7 bankruptcy this month, listing $360,000 in assets and $905,000 in debts. Restrepo blames the downturn in the economy for collapsing his consulting business, his primary source of income. Although not all of his debts will be erased during his Chapter 7 bankruptcy bid, it will enable Restrepo to get a handle on his debts and, ultimately, a clean slate to work with.
As a member of the panel, Restrepo”s suggestions and predictions must be used by state lawmakers and the governor to create the annual budget. The state currently ranks number one for the highest unemployment rates and personal bankruptcy.