Menlo Park City Council Candidate admitted Wednesday afternoon that he and his wife filed for personal bankruptcy in 2010, an act that may cause some voters to pause when deciding which candidate they want to manage the city’s budget.
Bragg described the experience as “humbling.”
“I lost my home in a neighborhood where I knew everyone,” Bragg told Patch. “I moved four doors down from my old house, because I didn’t want to leave the neighborhood; I love it here,” he said.
Patch obtained court records via Public Access to Electronic Records this week that detail how Bragg navigated through the Chapter 7 bankruptcy process and relieved himself of some of his financial burdens a few years ago. He is honoring some of the debts and will finish paying those off this year, he said. Much of the money lost was invested into eight real estate properties he and his wife owned, most of which were in California.
“I had the option of not paying them,” he said. ”I felt it was the honorable thing to do, to pay off my debts,” he clarified.
One of the things that a City Council Member is expected to do is to work with the City Manager to balance the city's budget. When asked what he learned from the bankruptcy that he could use on the dais Bragg said, “I’ve learned how to navigate a minefield of investors.”
Bragg, who is also the CEO of Thor Construction, said if anyone has any questions about him or his candidacy they should visit his website at davebragg.com.