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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Builders file for Chapter 7 bankruptcy

A building firm established in 2009 is closing its doors, according to local business sources. South Carolina residents may be aware of BiltRite Homes, which specializes in building custom homes by subcontracting out work to a variety of third parties. BiltRite is filing for Chapter 7 in the face of considerable financial strife that has led to additional legal woes.

The bankruptcy paperwork points to an accrued debt totalling between $1 million and $10 million, but the company claims assets totalling just $50,000, necessitating the filing. It appears that much of the debt stems from deals with concrete and lumber companies as well as home buyers. Unfortunately, the issue of debt is only part of the trouble facing the beleaguered company.

It appears as though BiltRite failed to pay several contractors for work completed on their custom homes, even after the homes had been sold to homeowners. Now, the contractors have placed liens upon the homeowners for the defaulted payments. It is hoped that the Chapter 7 filing will allow BiltRite to discharge the debts owed to the contractors in order for them to release the liens on homeowners and preserve the integrity of the company even after the doors close for good.

In some situations, as South Carolina business owners will attest to, a Chapter 7 filing can mean the difference between fighting a losing battle against accrued debt and forgiving and discharging that debt effectively and responsibly. In this case, filing for bankruptcy may be the best option available to BiltRite considering the scope of its financial challenges. However, the filing will allow the owners to move forward into a stable business future.

Source: indystar.com, Carmel home builder BiltRite seeks bankruptcy, Jeff Swiatek, Nov. 27, 2013

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