The former president of Cameron Financial, now non-existent mortgage issuer, filed for Chapter 7 bankruptcy. Shannon Farries and wife Olivia Faries are listing $33.1 million in debt against their assets of $2.6 million. Debts from their San Luis Obispo company are the primary reason they cite for filing for bankruptcy.

Before the economic collapse hit the country two years ago, Cameron Financial had 100 employees and lent more than $1 billion annually. The Pacific Coast Business Times reports that the couple was forced to liquidate the company when they realized that it would no longer be able to turn profits. This was particularly due to the fact that the housing market slid into such a steep decline.

The Faries rue the collapse of their company, saying that "it was a very painful experience to be in business that long, employing that many people and contributing to the payroll of San Luis Obispo County, and then to have it just end."

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