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Bergen GOP freeholder candidate says bankruptcy taught him hard fiscal lessons

Ramsey Councilman Ken Tyburczy and Lt

Ramsey Councilman Ken Tyburczy and Lt. Governor Kim Guadagno.


RAMSEY — A Republican candidate for Bergen County freeholder, campaigning on the importance of fiscal management, filed for bankruptcy protection in 2011.

Ramsey Councilman Ken Tyburczy said his failed coupon business taught him the “importance of debt management.”

“I took a risk, and it didn’t work out,” he said in a phone interview Friday evening. “I filed for bankruptcy. It was a rough period for my family.”

He is one of three Republican candidates running for freeholder. Democrats currently hold a 5-2 majority on the board. Three seats currently held by Democrats are up for election, and that gives the GOP an opportunity to regain control of the Freeholder Board.

Tyburczy said he was sole proprietor of the Hudson County business Super Coups, which tried to help small businesses deliver discounts by mail.

According to the bankruptcy filings, Tyburczy reported $538,598.85 in assets and $581,045.12 in liabilities.

He reported $163,720 in credit card debt, including $56,408.65 in a student loan and more than $79,000 in business debt. He reported taking out a first and second mortgage on his home and that creditors Bank of America Corp. and BAC Home Loans/Countrywide held $417,324.49 in secured claims.

He listed the current value of his interest in a home at 133 Orchard Place in Ramsey as $440,000. He reported $98,598.85 in personal property including cash on hand, a 2003 Toyota Highlander, a 2000 Ford 150 pickup truck, two watches, a wedding band and $68,425.06 in an IRA.

With his $500 stipend as a councilman and his wife’s income, the couple reported an average monthly net income of -$1,073.16.

“Basically, to sum it up, I never had the good fortune of being given anything,” Tyburczy said.

He framed the experience of filing bankruptcy as an important life lesson he can use in county government, where he hopes to reduce debt.

“It’s something that’s a primary focus and concern of mine, and I keep bringing it up in my campaign,” he said.

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