August 2, 2012
By: John Clark
A formerly wealthy couple in Indianapolis that has operated more than 25 different companies is filing for personal bankruptcy this week in order to shed $18.5 million in debt, according to a report from the Indianapolis Business Journal.
Sources say that Bradley and Michele Snyder are filing for Chapter 7 bankruptcy in Indianapolis in order to tackle their massive amount of debt, which reportedly includes unpaid business loans and mortgages for vacation homes in Wyoming and Florida.
According to court documents, the couple owns several businesses, including a publishing company and a small communications firm. One of the companies, Bellwether Inc., is currently carrying $3.6 million in debt, almost half of which is due to a delinquent loan that has yet to be repaid to the U.S. Small Business Administration.
The recent economic recession struck small businesses particularly hard, as many family-owned firms lacked the resources to weather the fiscal storm, and the Snyders provide a good example of the perils of owning several small businesses in 2012.
Of course, the Snyders aren’t entirely sympathetic filers, as sources also note that they are currently facing a wave of lawsuits due to their allegedly corrupt bankruptcy counseling programs.
The couple apparently owned a number of businesses that purported to offer help to people in debt. These companies operated under names like Chapter 20 Publishing, Consumer Disclosure Mortgage, and Life After Bankruptcy.
According to sources, almost two dozen lawsuits have been filed against the Snyders by former customers looking to retrieve the money they spent on allegedly fraudulent bankruptcy counseling services.
Bankruptcy fraud is a very real phenomenon, and filers should also be sure that they are dealing with licensed attorneys when seeking bankruptcy information.
Sources also say that the couple’s debt is widespread, and reflects their lavish spending. Their debt includes $9 million in unpaid mortgage bills, including debt owed on a home in Bonita Springs, Florida, and a home in Jackson Hole, Wyoming.
Shockingly, the couple also owes almost $1 million in credit card debt to several major banks, including Chase, Citibank, Fifth Third Bank, and PNC.
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.