State schools superintendent files for bankruptcy

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ATLANTA -- The state's chief academic official has filed for bankruptcy in the latest sign of the widening impact of the financial and housing crisis roiling the nation's economy.

"On November 17, after consultation with numerous attorneys, my husband and I made the difficult decision to file for bankruptcy due to losses incurred by his home building business," State Schools Superintendent Kathy Cox said in a statement issued Friday by her office. "The collapse of the home building market has been well documented and small builders, like my husband, have been hit especially hard. This was a gut-wrenching decision, but in the end, we felt that we had no choice."

Mrs. Cox issued the statement, and a similar e-mail to superintendents, following a story that appeared in the online version of The Newnan Times-Herald. According to the article, Mrs. Cox and her husband, John, filed Monday for Chapter 7 bankruptcy, with $3.5 million in liabilities and just shy of $650,000 in assets.

Mrs. Cox said she didn't intend to step down or allow the personal crisis to interfere with her public duties.

"It also does not, in any way, deter my commitment to the citizens of Georgia that we will provide the best education possible to this state's 1.7 million public school students. ... We know that thousands of families throughout Georgia are struggling in these difficult economic times. But we all must remain committed to the future of Georgia -- our children," Mrs. Cox said.

Mrs. Cox, currently in her second term, was elected in 2002 and won re-election four years later.

Brandon Larrabee can be reached at brandon.larrabee@morris.com or (678) 977-3709.

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pofwe
5
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pofwe 11/21/08 - 07:10 pm
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That is so true. I keep a

That is so true. I keep a tight ship myself, but ... it ain't hard to do ... when you're in a canoe.

corgimom
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corgimom 11/21/08 - 07:53 pm
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We are going into a

We are going into a depression, and they aren't going to be the only ones. I just feel sorry for all of the homeowners who are stuck with half-built houses from him.

frednasc
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frednasc 11/21/08 - 08:23 pm
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maybe she really isn't

maybe she really isn't smarter than a fifth grader....wonder if she wishes she had kept the money

double_standard
166
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double_standard 11/21/08 - 10:01 pm
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There goes her bid for

There goes her bid for governor.

willreiddkwg
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willreiddkwg 11/21/08 - 10:04 pm
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Amazing that people are so

Amazing that people are so hateful. Bad things happen every day to good people. Only by the grace of God it isn't one of you. People are not fully accepting of the problems that we face and it will hit hard working Americans that do not deserve this fall out.

Madison08
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Madison08 11/21/08 - 10:22 pm
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Well said willreiddkwq. It

Well said willreiddkwq. It could happen to any of us at any time.

usnvet
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usnvet 11/21/08 - 10:52 pm
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The government should bail

The government should bail out Taxpayers, not the banks.

soldout
1283
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soldout 11/21/08 - 11:14 pm
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Our best protection for our

Our best protection for our financies is to be a cheerful giver and respond when led by the Holy Spirit to give. Home building is a risky business. Without market timing the stock market is very risky. The Word says there is a time and season for all things and that includes home building and being in the stock market.

0
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Lauren Noto 11/21/08 - 11:20 pm
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Hope her luck turns out

Hope her luck turns out better soon. Bad things happen to everyone.

iletuknow
8
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iletuknow 11/22/08 - 01:52 am
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Oh well,back to soaking the

Oh well,back to soaking the taxpayer.

atsugua13
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atsugua13 11/22/08 - 03:25 am
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Where is OUR bail out. where

Where is OUR bail out. where is the bail out for the folks who signed up for houses they could afford and then paid them off. We wont be getting any kind of reparations will we?

Son of God
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Son of God 11/22/08 - 03:50 am
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May God Bless Mr. and Mrs.

May God Bless Mr. and Mrs. Cox. This could happen to anyone. There are others who are in need of prayer and we will pray for you. I am on my way to a FUNERAL of a born again believer who got up one morning and before he could get to the kitchen to eat breakfast of perhaps wash his face, he FELL DEAD RIGHT ON THE SPOT. He was only 51 years old with NO WARNINGS OF ANY ILLNESS. If you and your husband have your life, health, and strenght, and wake up everyday ALIVE, then you have a miracle. You both are aware that you cannot take caes, houses, boats, airplanes, etc. to Heaven. These things will remain here. God says set your affections on things that are ABOVE. The only thing GOD PROMISE US is ETERNAL LIFE. That is not here on EARTH. Soldout you are so true.There is a TIME for everything. The Cox family will find out that they have more PEACE now than they ever had before. There is going to be a MOVE OF GOD that comes upon the face of America that will mezmorize many. God is going to bring a big change in america and it is SOON to come. Mr. and mrs Cox, know that there are people out there that don't personally know you but STILL SUPPORT AND LOVE YOU UNCONDITIONALLY JUST AS JESUS DOES

justus4
113
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justus4 11/22/08 - 07:04 am
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How much money do Mrs. Cox
Unpublished

How much money do Mrs. Cox earn? Why isn't her job at risk, because if this would've happened to others, it would be reported as some ethic violation. The story doesn't address dollars and salary, which is important to understanding the facts. This reported is extremely shallow and provides marginal information, which leads to questions about the reporter. Is this an amatuer report? "Cox does not intent to step down..." Ha! Wow! Thats really original and is anyone really surprised by her attitude?

keepinitreal
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keepinitreal 11/22/08 - 08:50 am
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That's how things are these

That's how things are these days. Maybe if she had set aside some of the money she won on Smarter than a 5th grader if she had those issue evolving may have been a Smart move on her part.

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