Last year, Illinois Rep. Ron Stephens informed citizens that he would not be seeking re-election and that he was vacating his office before the election. He has since told reporters that his bankruptcy filing, which he began before his announcement, played a role in his decision.

Stephens and his wife have filed for Chapter 13 bankruptcy. He says that a combination of economic misfortune and some poor financial decisions led him to seek bankruptcy protection. He has learned from his mistakes, however, and is proud that his debts will be paid in full. Though the court-mandated payment plan will cover some debts, Stephens has said that payments will be made outside of the payment plan, as well.

Stephens' troubles could have cost him when he faced Republican primary voters. The party prides itself on fiscal responsibility and, as one expert said. Constituents may be less confident in a representative who has had past money troubles.

Stephens and his wife listed about $572,000 in assets and $615,000 in debt. The court-mandated payment plan will total $241,500 over five years. The other debts, Stephens said, will be paid outside of the plan.

The Stephens' monthly expenses totaled about $9,400, with $3,687 going to a home mortgage and $980 to a second mortgage. Payments on two cars totaled about $1,200.

Like many Americans, the couple was underwater at the time of their filing. Their home was valued at $310,000 but they owed $411,000 on their primary mortgage. They owed $71,000 on the second mortgage.

The decision to not seek another term is a responsible one, said experts. The former representative will be bringing in a pension, 85 percent of his active salary, and will be able to focus on his pharmacy business.

And while some may have held it against him, many voters also likely would have applauded Stephens taking responsibility for his mistakes and handling his financial problems in a responsible, legal fashion.

Source: Belleville News Democrat, "Ron Stephens filed for bankruptcy before leaving Illinois House," Brian Brueggemann, Jan. 25, 2012