Former Development Company CFO has Filed for Chapter 7 Bankruptcy
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Indiana residential developer files bankruptcy


April 08, 2011

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Indiana residential developer files bankruptcy

John F. Swinehart, the former chief financial officer (CFO) of a now-defunct development company, has recently filed for Chapter 7 bankruptcy.

According to the Indianapolis Business Journal, Swinehart served as the CFO of Bruce Gunstra Builders Inc. from 2003 to 2009, when the company went out of business. During parts of that time period, Gunstra was one of the largest home builders in the area, filing 220 permits in 2006 alone, according to statistics compiled by the news provider. Many projects in which Swineheart was involved as the company's CFO are listed on his bankruptcy filing.

The filing lists assets valued at $357,006 and liabilities of $8.3 million. His secured debts include the balance on two mortgages with a total of approximately $350,000. A secured debt is one in which the lender backs the loan with collateral that can be seized in the event of default.

Swinehart's largest unsecured debts include a $3.1 million claim from MainSource Bank and two claims from M&I Bank for $1.7 million and $1.1 million. Unsecured debt refers to loans that were given solely on the basis of the borrower's creditworthiness.  

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