Wright Sets Record Straight on Bankruptcy
KREX News Room
GRAND JUNCTION, Colo. - The Daily Sentinel broke the story that Jared Wright filed for bankruptcy in 2011. With bankruptcy filings skyrocketing in the last two years, he's certainly not alone. However it could concern voters, as Wright has always touted a conservative fiscal policy.
Just two weeks after his press conference addressing the very public falling out with Fruita's Police Department, Jared Wright spoke out to NewsChannel 5 to straighten out detailed reports of his bankruptcy.
Wright told NewsChannel 5 that "it was one of the lowest points in my life; it's a decision I wish I didn't have to make, but it was a decision that my wife and I reluctantly made together, knowing it was our last option."
The Sentinel reports that Wright allegedly owed more than $74,000 to 48 different creditors, including 11 Grand Junction businesses. Those debts included education loans and medical bills (source: U.S. Bankruptcy Court).
Grand Junction bankruptcy attorney Carrie Stevens says with the average bankruptcy owing $50,000 - $100,000, Wright's circumstance isn't outrageous.
"Usually for every debt, there's three, four, five creditors because they've been sold on and on. It's probably a little on the high side, but it's definitely nothing unusual," said Stevens.
However, some of the things he owed on, from small water, energy, trash and sewer bills all the way up to multiple high-end vehicles, might have voters feeling like the spending was excessive.
Wright explained that many of those bills were in conjunction with the foreclosure that he and his wife went through. In addition, Wright says they supplemented their income by buying and selling cars, which is why they had so many repossessed.
"You're allowed to buy and sell three cars without having a dealers license in the state of Colorado. (That's what I did) to supplement my income as a police officer. I got stuck with two cars that I was restoring and trying to resell that I couldn't sell," said Wright.
Wright also explained that his wife lost her job, which dropped them to a one-income household, with a new baby and mounting medical bills.
"It was really the perfect financial storm for us, and we had to make the tough decision to reboot," he explained.
Tim Menger, Wright's libertarian competitor for House District 54, says elected leaders need to be held to a higher standard.
"The limit must be drawn somewhere between the regular Joe out there trying to make ends meat, God bless him, and a candidate who has had this happen to him and wants to continue on hoping he will get by because he has a certain letter by his name," said Menger.
Wright believes the experience makes him a better leader.
"I've been down there in the trenches with all the other people in this community that have been there and I believe it gives me an opportunity to be a better representative for them. (I'm not) a typical politician who's had everything handed to him on a silver platter," said Wright.