Former gubernatorial candidate files for bankruptcy
Posted August 18, 2010
Raleigh, N.C. — Patrick Ballantine, a former state senator from Wilmington who lost the 2004 gubernatorial election to former Gov. Mike Easley, has filed for Chapter 7 bankruptcy.
Ballantine lists assets of $820,000 and liabilities of $6.2 million in his filing with U.S. Bankruptcy Court.
Most of his debts come from a failed development on Ocean Isle Beach in which he had part ownership. He blamed the real estate market meltdown in recent years.