By: Mike Stetzer
April 20, 2011
John McMonigle, a real estate agent who sold some of the most expensive properties in Orange County, California, has recently filed for Chapter 7 bankruptcy.
According to the Orange County Register, McMonigle says the filing was made necessary by "an ongoing stalemate with uncooperative lenders in an unrelated real estate development business." His real estate brokerage group, McMonigle Group Inc., says it will remain normal operations.
According to the Daily Pilot, McMonigle's bankruptcy filing lists assets between $1 million and $10 million and debts between $50 million and $100 million. The 46-year-old realtor owes those debts to more than 200 creditors, court records indictate. Among his liabilities is a $21,000 tax debt on his $1.8-million home in Newport Beach that should have been paid on April 11, according to official records.
The next step in the bankruptcy process is a meeting scheduled for May 26 in which McMonigle and his bankruptcy attorney will go over his assets, court records indicate.