Illinois Rep. Ron Stephens resigned from the state House last year, noting that he was stepping down for unspecified personal reasons and wouldn't seek re-election. At the time, he had said one reason was a re-drawn political map that would have changed who he would run against and who he would represent. But it now appears that his personal finances played a large role in his decision.

Months prior to resigning from his position, Stephens reportedly filed for chapter 13 bankruptcy. The politician acknowledged last week that his financial problems and bankruptcy filing did come into play when deciding to step down.

According to the News-Democrat, the man says that he is not proud of his financial situation, but notes that he and his wife are repaying 100 percent of their debt. The couple, who filed jointly, listed about $615,000 in debt and $572,000 in assets.

A bankruptcy judge approved the couple's plan to pay a bankruptcy trustee $241,500 over a period of five years. Other debts were to be repaid outside that plan.

Stephens, who served for 27 years, is also a pharmacist. When he stepped down, he also noted that he wanted to devote more of his time to his pharmacy business. Now, he says, he also wants to focus on getting back on secure financial footing.

He tells the News-Democrat, "I think a lot of people can relate in these times, that someone might go through bankruptcy ... I had to get serious about my finances."

Source: News-Democrat, "Ron Stephens filed for bankruptcy before leaving Illinois House," Brian Brueggemann, Jan. 25, 2012