A former Republican lawmaker who stepped down last summer was apparently going through bankruptcy proceedings at the time of his resignation. Former State Representative Ron Stephens of Greenville was approved for chapter 13 bankruptcy, which allows him and his wife to retain their major assets while paying creditors as set up by a court-approved plan.
The Stephens' monthly income was reportedly $14,700. It listed assets as $572,000 and debt at $615,000. Stephens resigned from his position as State Representative on September 1, and the bankruptcy was approved later that month. Under terms of the agreement, Stephens and his wife have five years to pay off $241,500 in debt, working out to $4,025 per month.