Representative Rubén Hinojosa, a Texas congressman who is currently on the House Financial Services Committee, filed for personal bankruptcy earlier this year. According to court documents, Hinojosa has $2.9 million in liabilities and approximately $1.5 million in assets. The vast majority of the debt ($2.6 million) is a claim by Wells Fargo Bank. Hinojosa has stated that the problem was a loan he guaranteed for his family-owned meat company, which went bankrupt.
The House Financial Services Committee has jurisdiction over legislation affecting banks, but there are apparently no House rules that prohibit a lawmaker who owes large sums of money to a bank from serving on the committee.
Financial problems may affect virtually any type of person, in any walk of life. As a debtor, it is important to weigh your options so you can make the right choices about filing Chapter 7, Chapter 13 or perhaps looking at an alternative to bankruptcy. The experienced team at Jacoby & Jacoby is committed to providing experienced legal counsel to debtors throughout Long Island, helping them through the decision-making process and through every step of their bankruptcy cases in order to help them address their debt.
Contact a Long Island bankruptcy attorney at Jacoby & Jacoby today.