Despite Declaring Chapter 7,
Kathy Cox, the Georgia state schools superintendent who recently won $1 million on the TV game show "Are You Smarter Than a Fifth Grader?," declared bankruptcy last week, another victim of the housing crisis.
Georgia State Superintendent of Schools Kathy Cox has pledged to donate the $1 million she won in September on Fox's "Are You Smarter than a Fifth Grader?" despite declaring bankruptcy following the collapse of her husband's homebuilding
A spokesman for Cox said she will uphold her promise to donate her winnings to two schools for deaf children and a school for the blind, despite declaring personal bankruptcy with more than $3.5 million in liabilities and less than $650,000 in assets -- which is separate from her winnings.
Cox is the co-signer on loans for husband John Cox's home-building business, Pebble
Hill Homes, but otherwise has no role in the business, according to the couple's Chapter 7 bankruptcy petition filed Nov. 17 .
Cox, who earns around $125,000 a year, said she could not support the couple on her salary alone after a downturn in the home-building industry and as creditors sought the couple's assets...