Filing for bankruptcy can be a significant step toward handling considerable financial issues. South Carolina residents may be interested in one man’s case currently taking place in another area. Reports stated that the man is the owner of a mall, and the property was up for sheriff’s sale until the man recently filed for Chapter 7 bankruptcy.
The filing was apparently done in hopes of saving the mall rather than seeing it go completely out of business. The report indicated that the debt liabilities associated with the man’s case totalled over $30,400,000. The majority of that amount is owed to creditors associated with the property while nearly $3,000,000 is owed in unsecured claims. One creditor was listed as being owed most of the debt as that creditor owns the mortgage to the property.
The man’s total assets were reported as being just over $265,000. It was also noted that the property had generated over $2,000,000 in revenue since the beginning of the fiscal year. A significant problem with the business was the fact that many of the stores in the mall were vacant. However, many stores in the mall provided numerous jobs and may be an asset to the region.
Business losses can be a contributing factor to many individuals’ debt issues. However, as this case shows, South Carolina residents facing such a predicament may be able to utilize bankruptcy in hopes of working through their financial issues while maintaining business options. Interested individuals may wish to find out more information on their bankruptcy options if they believe it could assist their particular cases.
Source: republicanherald.com, “Schuylkill Mall owner files for bankruptcy; Mall won’t be sold at sheriff’s sale today”, Amy Marchiano, Oct. 26, 2016