By: Mary Ann Pekara
February 10, 2011
Semian Real Estate Group broker and owner George Semian has filed for Chapter 7 bankruptcy, citing debts mostly incurred through personal or household activity.
According to the Scranton Times-Leader, Semian has gone through an online credit counseling program as required by the bankruptcy court. He lists his assets as being between $500,000 and $1 million, and his liabilities as being between $1 million and $10 million.
Semian has said that he filed for Chapter 7 bankruptcy to stop the litigation brought against him by two former business partners, according to the Scranton Times-Tribune. James and Carmella Gress filed two lawsuits against the real estate mogul, seeking more than $760,000 for costs they sustained as a result of the termination of their business partnership with Semian.
One of the suits allegedly claimed that Semian did not invest the amount he was contractually obligated to provide in a development project, while the other claims he defaulted on credit card debt he assumed when he entered into the partnership. After negotiations with the Gresses failed, Semian filed for Chapter 7 bankruptcy.
"I had to stop the litigation," he explained.