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.
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