Kathy Cox Declares Bankruptcy; School Chief Gave Away Game Show Winnings

Just months after winning and then giving away $1 million, State Schools Superintendent Kathy Cox and her husband filed for bankruptcy.

SLIDESHOW: Georgia School Superintendent Files Bankruptcy

Cox's husband, John, is a homebuilder apparently hard hit by the recent economic downturn.

"On November 17, after consultation with numerous attorneys, my husband and I made the difficult decision to file for bankruptcy due to losses incurred by his home building business," said Cox in a statement released to WSB-TV. "The collapse of the home building market has been well documented and small builders, like my husband, have been hit especially hard. This was a gut-wrenching decision, but in the end, we felt that we had no choice."

In the paperwork filed on Monday the couple listed $3.5 million in liabilities and $649,728 in assets. Their $450,000 home in Peachtree City has two mortgages on it.

At least six creditors have filed suit against John Cox and Pebble Hill Homes, the company he operates, for unpaid bills.

This summer Kathy Cox won $1 million on the game show "Are You Smarter Than A 5th Grader?" and donated the winnings to three schools for the deaf and blind in Georgia.

Kathy Cox makes $108,603 a year as school superintendent.

"I want to be clear, however, that this filing does not affect my ability to perform the duties of my job as State Superintendent of Schools. It also does not, in any way, deter my commitment to the citizens of Georgia that we will provide the best education possible to this state's 1.7 million public school students. Please continue to join me in our effort to lead the nation in improving student achievement," Cox said.

Previous Stories: October 22, 2008: School Chief Kathy Cox Wins $1 Million On Game Show