A North Carolina developer, Craig Davis, has decided to place his business in bankruptcy in an effort to reorganize his debts.
The business, Davis-Rodwell TMC LLC had plans to build a large apartment complex on the edge of the Research Triangle Park, but those plans of have been stalled.
Davis filed for Chapter 11 bankruptcy reorganization in an Eastern District court. Although his filing did not include detailed financial records, it did state that the company has $10 million to $50 million in assets and liabilities.
Davis’ partner Roy Rodwell, a Wilmington investor, holds the largest unsecured debt totally $4.8 million.
Davis owns large amounts of property in the Research Triangle area.
Under Chapter 11, bankruptcy the struggling business is allowed some reprieve from credit collection activities while they continue to operate, emerging in a better financial state.
While Chapter 11 is appropriate for a business, many bankruptcy attorneys recommend different debt-relief plans to individuals, depending on their current financial situation. Chapter 7 or Chapter 13 are the most common filings for individuals.
There are a number of reasons people seek out the help of a North Carolina bankruptcy lawyer. Medical bills and unemployment are leading reasons but a personal bankruptcy can stop foreclosure and annoying collections tactics. Unpaid federal or state taxes are also a legitimate reason to file.
Any individual who is over their heads in debt are encouraged to explore their bankruptcy options. The advice of a North Carolina bankruptcy attorney can help a person decide the best way for a person to reduce or shed their debts and start over.