WASHINGTON – Rep. Ruben Hinojosa, D-Texas, an eight-term congressman who serves on the House Financial Services Committee, declared personal bankruptcy and is blaming his family owned meat company for his financial woes, according to The Associated Press.

According to his filing last Dec. 18 in federal bankruptcy court, Hinojosa has $2.9 million in liabilities. Almost all of the owed money, $2.6 million, is a claim by Wells Fargo Bank.

Hinojosa blamed his bankruptcy on a loan he personally guaranteed for H&H Meat Products Co. of Mercedes, Texas, which he says was forced into bankruptcy because of the recent economic crisis. He said he has not managed the company for the past 14 years but remained obligated by a bank line of credit.

"I have done everything humanly possible to avoid filing for bankruptcy protection to no avail," Hinojosa said in a statement. "The bank debt of H&H was more than I could handle financially."

Hinojosa has nearly $1.5 million in assets, according to papers filed in US Bankruptcy Court in the Southern District of Texas in McAllen, Texas. He earns $174,000 annually as a member of the House.