Posted on Wednesday, December 14th, 2011 at 5:39 pm
A Rockford developer, Chandler Anderson, recently filed for bankruptcy protection. Anderson is known for his residential redevelopment projects in and around downtown Rockford.
Despite the bankruptcy filing, Anderson states, “I plan to continue to do what I do because people seem to like it.”
According to the developer, a series of unfortunate business decisions he made in the 1990’s caused him to need to seek bankruptcy protection under Chapter 7 bankruptcy. Chapter 7 bankruptcy allows individuals to liquidate their nonexempt property as a means of paying off debts.
The developer’s Chapter 7 filing lists between $1,000,001 and $10 million in debt and $500,001 to $1 million in assets.
If you or someone you know is considering filing for Chapter 7 bankruptcy, contact the Joliet Chapter 7 bankruptcy lawyers of The Law Offices of Stuart B. Handelman at 815-722-2201 to learn more about how we can help guide you through the bankruptcy process.