By: Mary Ann Pekara
February 07, 2011
Detroit-area restaurateur Matt Prentice has filed for Chapter 7 bankruptcy, describing the decision as "fall out" from when his restaurant group had to re-organize in 2009.
The Prentice Restaurant Group was sold in 2009, but Prentice still manages it, according to WXYZ.com. Much of the debt on his Chapter 7 bankruptcy filing appears to be linked to the restaurant group, which suffered from declining business prior to the sale. He said that the filing should not affect the operations of the group.
His filing listed $4.9 million in liabilities and $256,555 in assets, the latter of which is comprised of his home and a few thousand dollars' worth of personal belongings. His liabilities are mostly composed of $1 million owed to the IRS and $3.4 million owed to unsecured creditors, Crain's Detroit Business reports. The creditors holding the largest unsecured claims against Prentice are Chase Bank and U.S. Bank Trust, to which he owes $1.3 million and $1.1 million, respectively.
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.