RALEIGH (AP) — Former North Carolina House member and previous gubernatorial candidate Bill Faison has filed for bankruptcy protection.
A federal court document Faison filed Jan. 3 lists the Orange County personal injury attorney as having assets of $9.4 million and liabilities of $7.2 million.
He said this week the Chapter 11 filing will allow him to restructure debt related to his Durham law firm that he personally guaranteed, and that he expects to pay all of his creditors. Faison attributed his problems in part to the Great Recession and changes approved by the General Assembly to limit medical malpractice cases.
The 66-year-old Faison was a state House member for eight years and ran third in the Democratic gubernatorial primary in 2012, losing to Lt. Gov. Walter Dalton.