Pasquinella Homebuilding Moves Forward with Chapter 7

A small Chicago-based company that expanded to seven more states has filed for Chapter 7 bankruptcy this month. 

Pasquinella Homebuilding LLC, headed by Bruno Pasquinella, listed assets between $500,001 and $1 million and liabilities ranging from $10 million to $50 million. The company also listed as many as 10,001 to 25,000 creditors. 

However, the company's attorney still holds out hope that even unsecured creditors will get some funds, despite the disparity between liabilities and assets. The bankruptcy filing came as a shock to those in the construction business, as the Pasquinella family became known not only in Illinois, but also in South Carolina, North Carolina, Indiana, Ohio, Florida and Texas. 

According to a representative for the company, "Business has been shut down for a while [...] This is a result of the housing crash. With the few assets they had left, (a liquidation) was the best way to preserve the value they had." 

If you're filing for Chapter 7, contact us to work with a Chicago bankruptcy lawyer.