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Nobody with 170k in assets and 70k in debt is really bankrupt- actually, they are pretty well off.
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That I'll agree with.
The problem I have is with it effecting the job. Isn't a lawyer praised and considered good for doing the client good even if it screws everyone else? Had a lawyer done such a self-serving deed they would just be considered good at their job even if it did cost tax payers a bundle. Voting in sly officials seems to be the norm from what I've experienced.
My point is, if our checks and balances are so poor we need to fear one official being able to mismanage city money, we got a much bigger problem than our Mayor.