By: Mary Ann Pekara
December 27, 2010
After a year of failing to obtain adequate credit for his ailing home improvement company, owner Bob Owens shut down his two plants and recently declared Chapter 7 bankruptcy.
Owens listed $11.7 million in debts and just $1.7 million in assets, with many of his personal debts being linked to his business, the Duluth News Tribune reports. He had personally backed many loans on his business in an attempt to keep the firm afloat after the collapse of the housing bubble, and even took out a second mortgage on his home.
Owens's creditors include banks, an economic development agency, the city of Shawano and Shawano County, according to the news source.
"We had a great relationship with Bob and I think everyone here has a lot of respect for him. He created a lot of employment here for many years. But when the economy went down, it took a lot of the wood-products companies down that were selling to the home [construction and remodeling] business. They were really hit hard," said Jim Stadler, Shawano city administrator.
According to the news provider, Owens was well-known in the lumber industry for his efforts in promoting sustainable forestry.
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.