Types Of Bankruptcy

Last week, Milwaukee Public School Board President Michael Bonds filed for chapter 7 bankruptcy.  Bonds said, “Filing for bankruptcy was a very difficult decision, but I had to do what was in the best interest of my family.”

Bonds told sources that he began to struggle financially after him and his wife experienced a 35 percent reduction in income in the last year.  Bonds’s salary as an associate professor at the University of Wisconsin-Milwaukee decreased by 7 percent over the last year due to furlough delays by the state.  Furthermore, Bonds’s wife’s salary dropped from $127,000 a year to $99,000 a year in a move from working as a high school principle to an elementary school principle.

Moreover, the couple lost tax deductions after their sons moved out of their house.  Lastly, Bonds noted that their home experienced a drop in value.  The MPS Board President listed $242,490 in assets and $331,375 in liabilities.