$79,000 debt from Wright bankruptcy left unpaid
Despite saying he intended to pay back what he owed creditors in his 2011 bankruptcy filing, Republican Jared Wright allowed his case to be finalized Wednesday without paying anything.
The embattled candidate for House District 54, who’s faced calls for his ouster from members of his own party because of the bankruptcy and other issues, walked away from a $79,008 debt, according to the final account and distribution report filed in U.S. Bankruptcy Court in Denver on Wednesday.
The report, filed by the trustee in the case, said that “all funds on hand have been distributed” to creditors, but that only amounted to about $764.
The court exempted more than $43,000 in assets Wright owns, which includes household items and one car.
Wright did not return requests for comment.
In an earlier statement, however, Wright said he still intends to pay back what he owes, some of which was to businesses in the Grand Valley.
“It was the lowest point in my life having to make that decision,” Wright said of the bankruptcy in a written statement in August.
“Though the debt was legally erased, in my mind it still exists, and I have every intention of paying it back.”
There are, however, no court filings indicating Wright asked to pay back the debt in any way.
The initial chapter 7 bankruptcy filing included more than $74,000 in debt for such things as cars, jewelry and other items, such as a $1,000 a year membership in a local tanning salon.
The distribution report doesn’t account for the discrepancy between the original $74,000 debt and the $79,008 figure.
State party officials said Wright told them of the bankruptcy but said it was because “of the Obama economy,” claiming he had made poor business investments.
The filing, however, blames the debt on consumer spending.
Wright checked a single box on the original filing that says the nature of the debt was “incurred by an individual primarily for a personal, family or household purpose.”
Wright later said at rare public appearances that one of his business investments was in fixing up classic cars for resale.
The filing shows he spent at least $26,000 on a 1969 Chevrolet Camaro.
About the same time as the bankruptcy, Wright had defaulted on his home mortgage, which later was sold in a foreclosure sale.
Staff writer Paul Shockley contributed to this report.