How to Zero Out the Debt

J. Fife Symington III, the Republican governor of
Arizona, is so conservative that he has sought to abolish the state's Depart
ment of Education. But, poor fellow, he's broke, as the Economist recently
reported. When he was elected in 1991, Symington said he was worth $10 million.
Three months later, he claimed his net worth dropped to a negative $23 million.
These things happen. This past fall, in an unprecedented step for a sitting
governor, Symington filed for bank ruptcy protection under Chapter 7, which
allows him to stiff his creditors and get a fresh start in life.