Clark Turner Homes LLC files for bankruptcy
Posted on Friday, November 20th, 2015 at 1:41 pm
Clark Turner filed for voluntary Chapter 7 bankruptcy protection on November 12 after listing liabilities between $1 million and $10 million with the U.S. Bankruptcy Court for the District of Maryland. Clark Turner Homes also reportedly stated that some funds will be reserved for unsecured creditors.
The company spoke publicly about hopes that a population boom around Aberdeen Proving Ground due to the military’s Base Realignment and Closure program would bring in more housing projects. The company has remained quiet about what has led to them filing for bankruptcy.
The documents filed in court reveal 142 creditors, including lumber suppliers and landscapers that worked with Clark Turner Homes. Creditors also include American Express, Baltimore Gas & Electric Co., IHeartMedia, UPS, and Verizon.
While most Chapter 7 bankruptcy filings result in the liquidation of a company, some filers are able to come to a deal with creditors that can allow them to avoid that fate. If your business is in a financial bind and you need help determining what to do, contact the bankruptcy attorneys at the Bradford Law Offices, PLLC. To speak with an attorney about the services we offer, call (919) 758-8879 today.