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Racetrack Moves Forward with Chapter 7

After several years of discouraging returns, a racetrack has decided to shut down its stables permanently. The decision was announced last week when the owners filed for Chapter 7 bankruptcy, which means that most of their assets will be liquidated to pay for their debts.

Although the company lists several creditors in its bankruptcy filing, the largest one is the U.S. government. The government took out a $14.5 million loan on the track and associated properties, even though the entire business has been valued at just $5.4 million. Also of value is the racing permit which may help the owners address their debt if it is acquired by another third party.

If you are thinking about filing for Chapter 7 in the state of Illinois and want to know how this type of bankruptcy will help you with your debt, contact a Chicago Chapter 7 lawyer from our legal team to get the information and answers you deserve. In addition to providing you with resources, our firm can also inform you debt relief alternatives to bankruptcy if appropriate for your financial situation.
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