Stevens Point Mayor Andrew Halverson said he has filed for bankruptcy after his clothing store sustained huge losses during the economic downturn.
Halverson said the Chapter 7 filing lists $200,000 in debt. He makes $67,000 as mayor.
He told WAOW-TV his store, Andrews Limited, used to bring in $30,000 to $50,000 per month, but the recession cut those numbers in half. He said he and his wife borrowed money and used credit cards to try to stay afloat but revenue never recovered.
He said his personal financial troubles don't reflect on how the city is being run, although he understands critics may surface.
Halverson was elected mayor in 2007 and re-elected four years later. His current term ends in two years.