In this current economy, financial hardships can happen to anyone. There's issues related to underwater mortgages, credit card debt -- and for some -- the negative financial implications of divorce. For those faced with all of these economic issues, bankruptcy many times is the best choice that can be made.

One former state representative said this is exactly what happened to him and his wife. The couple ended up filing for Chapter 13 bankruptcy back in May. He resigned from the House just three months later. At the time, he cited personal reasons and has since come out and said that his decision to file for bankruptcy did play a role in his resignation.

When looking at why the couple decided to file, it turned out that they had more in debt than they did in assets. The filing listed $572,000 in assets and approximately $615,000 in debt.

Per month, the former representative reported making $14,769 from a combination of his income from being a state legislator, disability payments from the Veterans Administration, working part time at a pharmacy and ownership of more than one pharmacy. His wife also listed making $2,770 a month from unemployment and spousal support payments.

The couple listed monthly expenses at $9,400, with the largest chunk of that -- a combined total of $4,667 -- going toward first and second mortgages on a home that is underwater, meaning they owe more on the home than its current value.

Other financial problems also stemmed from previous divorces that both the representative and his wife had gone through.

In the end, the former representative said that he ended up in a financial situation that many people can relate to in these tough economic times. Now, through this Chapter 13 bankruptcy, he and his wife will pay back $241,500 for the next five years. Other debts will also reportedly be paid back outside of the actual bankruptcy.

Source: Belleville News Democrat, "'I had to get serious': Former state Rep. Ron Stephens says bankruptcy was factor in decision to step down," Brian Brueggemann, Jan. 26, 2012