By: Brenna Lemieux
March 14, 2011
Corona City Councilman Steve Nolan has filed for Chapter 7 bankruptcy, citing nearly $2 million in debts related to his businesses.
The $194,351 in assets listed on Nolan's bankruptcy filing is largely composed of his home and restaurant equipment, according to the Press-Enterprise. He closed a restaurant in July, citing a drop in demand from diners due to the economy, and currently operates a catering-only business, according to the source.
Nolan lists on his bankruptcy filing that he owes $1,950,123 to various creditors. Among his unsecured creditors are banks, suppliers, landlords and maintenance companies. According to Investopedia, unsecured creditors are those that lend money to a consumer without obtaining assets as collateral. In a personal bankruptcy filing, unsecured creditors typically have their claims satisfied after secured creditors. The city councilman also reportedly owes nearly $145,000 in sales and property taxes.
Nolan also listed a monthly income of $3,500 on his bankruptcy filing, and listed monthly expenses of $3,374, according to the news provider.
PAID ATTORNEY ADVERTISEMENT: THIS WEB SITE IS A GROUP ADVERTISEMENT AND THE PARTICIPATING ATTORNEYS ARE INCLUDED BECAUSE THEY PAY AN ADVERTISING FEE. It is not a lawyer referral service or prepaid legal services plan. Total Bankruptcy is not a law firm. Your request for contact will be forwarded to the local lawyer who has paid to advertise in the ZIP code you provide. Total Bankruptcy does not endorse or recommend any lawyer or law firm who participates in the network nor does it analyze a person's legal situation when determining which participating lawyers receive a person's inquiry. It does not make any representation and has not made any judgment as to the qualifications, expertise or credentials of any participating lawyer. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. The information contained herein is not legal advice. Any information you submit to Total Bankruptcy does not create an attorney-client relationship and may not be protected by attorney-client privilege. Do not use the form to submit confidential, time-sensitive, or privileged information. All photos are of models and do not depict clients. All case evaluations are performed by participating attorneys. An attorney responsible for the content of this Site is Kevin W. Chern, Esq., licensed in Illinois with offices at 25 East Washington, Suite 400, Chicago, Illinois 60602. To see the attorney in your area who is responsible for this advertisement, please click here, or call 866-200-8052.
FLORIDA ONLY: Total Bankruptcy is considered a lawyer referral service in the state of Florida under the Florida Rules of Professional Conduct. By all other standards, Total Bankruptcy is a group advertisement and not a lawyer referral service.
If you live in Mississippi, Missouri, New York or Wyoming, please click here for additional information.
By an Act of Congress and the President of the United States, we are a federal Debt Relief Agency. Attorneys and/or law firms promoted through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code.