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Connecticut Senate Candidate Openly Discusses Bankruptcy During Campaign

October 11, 2010

On this blog, we have written one or two times before about political campaigns that openly use the candidate's bankruptcy to start a conversation about financial responsibility in government. As Redlands personal bankruptcy attorneys, we enjoy seeing stories like these, because we believe they help remove the stigma associated with declaring bankruptcy. For that reason, we were pleased to see articles about the bankruptcy of Linda McMahon, the Republican nominee for a junior Senate seat in Connecticut -- one of the highest-profile races where we've seen a bankruptcy. McMahon doesn't just acknowledge her bankruptcy -- she uses it as part of her campaign, to show that she understands financial stresses and the importance of careful money management.

McMahon is a high-profile candidate in part because she and her husband, Vince McMahon, were until recently the managers of World Wrestling Entertainment. However, they had financial troubles as a young couple, including a short period when they received food stamps in Maryland. Later, after they moved to West Hartford, Conn., they made multiple investments that didn't work out, leading to the bankruptcy. According to an Oct. 1 article in the Connecticut Post, the McMahons lost their home and at one point owed five years' worth of back taxes to the IRS. The bankruptcy was discharged in the 1970s, and the McMahons went on to build WWE into a multimillion-dollar business and themselves into multimillionaires.

Of course, this information has become politicized in Connecticut. But regardless of politics, our Montebello individual bankruptcy lawyers are pleased to see stories of bankrupt people who are able to turn around a bad financial situation. In this case, the McMahons not only went on to become financially secure, but even managed to succeed at business. Consider for a moment whether this would have been possible for them if they had been saddled with the debts they had discharged in bankruptcy. If they had more debt than they could reasonably expect to pay off over several years, would they have been able to buy WWE and make it successful? We cannot say for sure, but we doubt it. Rather than struggle with overwhelming debts, the McMahons did the financially responsible thing and allowed a court to sort out their debts -- and liquidate their assets, including their house. This was probably not fun, but it helped them make a fresh start and lay the groundwork for their current success.

Howard Law PC strongly encourages potential clients to think of bankruptcy as the first move in a new financial life. Right now, many Californians are having trouble keeping up with their bills in the face of unemployment or unreasonably high mortgage payments. If you are also facing large amounts of debt from credit cards, medical bills or other debts not secured by physical property, it can be a struggle just to make ends meet. That's aside from the unpleasantness created by aggressive, harassing creditors. Our Lake Forest consumer bankruptcy attorneys help people in this kind of situation decide whether a bankruptcy is the best choice, and guide them through the process of discharging their debts completely and responsibly. Most recently, we have discharged two clients' debts in just under four months, using Chapter 7 bankruptcies.

If you're ready to take control of your financial life back through a bankruptcy, Howard Law can help. To learn more or set up a free consultation, contact us through the Internet or call toll-free at 1-800-872-5925.