LOS ANGELES (CBS/AP) — A federal judge in Los Angeles has filed for Chapter 7 bankruptcy because he’s unable to pay his existing debts.

Court records show U.S. District Judge Otis Wright and his wife lodged their bankruptcy filing in Los Angeles four months ago. Their assets were worth more than $833,000 but liabilities totaled more than $895,000.

READ MORE: Federal Court Strikes Down Judge’s Order To Provide Housing To All Skid Row Homeless

Last week, a trustee filed an application to hire a real estate agent to put their home in Rancho Palos Verdes up for sale for nearly $1.2 million.

The couple’s income has steadily declined from just over $271,000 in 2009 to $171,366 last year.

READ MORE: Smokey Southland Skies Caused By Wildfires Burning In Northern And Central California Spur Air Quality Concerns

An email message left for Wright’s attorney, Raymond Aver, was not immediately returned Thursday.

Wright, a former Marine and Los Angeles County sheriff’s deputy, has been on the federal bench since 2007 after being appointed by then-President George W. Bush, according to his alma mater, Southwestern Law School, where he is scheduled to deliver the keynote address on May 13.

MORE NEWS: Father Memorializes Son, Who Died In 2019 Conception Boat Fire, Along Last 500 Miles Of 2,600 Mile Hike

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)