Rennovator Moves Forward with Chapter 7

A man known for working to renovate the downtown area has filed for Chapter 7 bankruptcy this month.

Rather than build on the fringes of the city like many other developers do, this man has made it his passion to renovate existing homes downtown. Having worked in the city since 1992 restoring old homes, the man developed quite a name for himself. He even sits on the Housing Authority board of commissioners. It was with this position of power that he was able to obtain a prestigious project, the renovation of a historic school into lofts and condos.

What turned out as a brilliant idea ended in financial disaster for the developer. In his bankruptcy filing, he listed assets of $50,001 to 1 million and debts of $1,000,000 to $10 million. Under this chapter of bankruptcy, the debtor is generally asked to liquidate assets in order to pay off debts.

If you need assistance with filing for Chapter 7, take the time to contact Bizar & Doyle, LLC to arrange a time to meet with one of our knowledgeable Chicago bankruptcy attorneys about your options.