Small Fayetteville developer files for bankruptcy

Posted on Monday, March 4th, 2013 at 10:26 pm    

Wake Partners, LLC, a small developer in southeast Raleigh, recently filed for Chapter 11 bankruptcy, citing it has $1.9 million in liabilities.

According to a Chapter 11 petition filed by the company, their major debt is a loan from BB&T Corp covering its 22 acres of residential land in the Sumerlyn subdivision, located between Rock Quarry Road and Battle Ridge Road. The 22 acre land makes up a large portion of the company’s $2 million in assets. The company did not generate revenue after it took in about $585,000 in 2011.

Co-owners of the company James Smith and its bankruptcy lawyer could not be reached for comments a day after the filing.

Filing for bankruptcy as a small business can be complicated and particularly confusing. At the Bradford Law Offices, PLLC, our legal team strives to help any business or individual through this process as best and easy as possible. Call 919-758-8879 to find out what you can do when facing large amounts of debt as a business.