Richie Farmer used to be Kentucky’s agricultural commissioner. He was also a star of the University of Kentucky basketball team. However, after being convicted of violating state campaign finance and ethics laws, he was sent to prison. More recently, Farmer appeared in the news against, on May 4, after filing for personal bankruptcy.
The ex-politician filed his Chapter 7 bankruptcy petition in U.S. Bankruptcy Court in the Eastern District of Kentucky. According to his bankruptcy filing, Farmer has approximately $24,000 in personal assets, most of which comprise his state pension. Furthermore, he listed $386,000 in liabilities. The man further stated that he doe snot have a job and is currently living off $194 per month in food stamps. He also revealed in his pension that his parents provide him with approximately $400 monthly.
Farmer only recently left prison life last December after spending 27 months in a federal prison located in West Virginia. His prison sentenced related to the misappropriation of government resources during his time in office. Among his offenses included the use of state workers to construct a basketball court at his residence.
Difficult financial times can fall on anyone. Indeed, numerous individuals have risen to great financial heights only to have everything stripped from them as a result of difficulties surrounding money. This is where bankruptcy proceedings may be able to help individuals get back on sound financial feet again. Every situation is different — and different situations give rise to different kinds of remedies. For Kentucky residents in the throws of debt problems, though, a bankruptcy attorney may be able to suggest appropriate solutions that can help.
Source: wdrb.com, “Ex-Kentucky basketball star Farmer files for bankruptcy,” May 09, 2016