Commission candidate files for bankruptcy
JEFF SELLE/Staff writer | Hagadone News Network | UPDATED 11 years, 1 month AGO
COEUR d'ALENE - County commissioner candidate Tim Herzog filed Chapter 13 bankruptcy on $124,239 in debts earlier this year.
"When I filed for office I was concerned that would come up," Herzog said Monday. "This could really kill my chance of winning this race."
The majority of his outstanding debts was one home loan for $109,199 from Sterling Financial. The rest were credit cards and other bills.
"We had some medical problems in the family, and I made a bad real estate investment a number of years ago and that has come back to bite me," he said. "Being a Realtor, I should have done more due diligence on that."
Herzog, who first ran for county commissioner in 2008, said he filed for a reorganization because he has many assets he wants to protect.
"I collect old cars and machinery," he said, adding that he thinks he has enough assets to pay off the bankruptcy, but it will take time to liquidate them.
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