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Bank Moves Forward with Chapter 7 Bankruptcy

In the state of Nevada, it has been reported that a local bank decided to file its Chapter 7 bankruptcy petition in court this week.

According to the documents filed with the U.S. Bankruptcy Court in Nevada, the bank is in serious financial straits. Amongst other figures, the bank reported having liabilities worth $6.573 million and assets worth $303,895. There are several creditors listed in the court paperwork, including a company that specializes in debt trusts.

While there is no singular reason why the bank was forced to file for bankruptcy, higher-ups bemoaned a poor economy that affected hundreds of local real estate loans given out by the bank. Last year, another organization was forced to take over the bank. At that time, the bank claimed $145 million in assets, which quickly declined over the following year.

Filing for Chapter 7 can be tricky and confusing. Make sure you are aware of your rights, the bankruptcy process and financial solutions by contacting a Chicago Chapter 7 bankruptcy lawyer from our law office today.
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