The company that owns Spanish Peaks, a private golf and ski resort, has filed for Chapter 7 bankruptcy on Friday.
Spanish Peaks Holdings II filed in a Delaware court just days after announced that the ski resort will be closing and its employees were to be laid off. Spanish Peaks has had multiple legal issues and financial trouble in the past.
According to the bankruptcy filing, the company has between 100 and 199 different creditors, many of them are local businesses. Chapter 7 bankruptcy often prevents creditors from suing you, garnishing wages and demanding payment through phone calls. The company has between $1 million and $5 million in liabilities.
If you or a loved one has been in considering filing for bankruptcy, you need representation on your side that will help you answer all of your questions. Contact the New Orleans chapter 7 bankruptcy lawyers of the Law Office of David D. Kervin Jr., LLC by calling 504-599-5906 today.
Chapter 7 bankruptcy is an opportunity for a debtor to emerge out of a financial crisis relatively quickly.
The Chapter 7 bankruptcy code allows all non-exempt property of the debtor to be sold, with the proceeds going to creditors. Typically, individuals filing for Chapter 7 bankruptcy have little or no assets to lose. Chapter 7 bankruptcy is also known as bankruptcy liquidation, which means converting assets into money. Chapter 7 accounts for approximately 65 percent of all Consumer Bankruptcy filings.
Under Chapter 7 a trustee is appointed who works to collect all non-exempt property of the debtor, sell the assets, and distribute the proceeds to the appropriate creditors. Unlike other types of bankruptcy, a debtor need not pay a trustee under Chapter 7 bankruptcy.
If you would like to learn more about Chapter 7 bankruptcy liquidation, please contact a New Orleans Chapter 7 Bankruptcy Attorney of the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906.