Sarasota Interior Designers File Chapter 7 Bankruptcy
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Florida interior design entrepreneurs file bankruptcy

Bankruptcy EditorialApril 07, 2011

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Florida interior design entrepreneurs file bankruptcy

Charles and Linda Spry, who operated an interior design business in Sarasota, Florida, since 1998, have recently filed for themselves and their business.

In late February, Stearns Bank won a foreclosure judgment of $964,274 against the building that housed their interior design store, according to the Herald Tribune. The lender was preparing to seize the store when the Sprys filed for bankruptcy for themselves and for Robinson Spry Interiors Inc. and Spry Enterprises LLC. According to the Administrative Office of the United States Courts, filing for bankruptcy puts into place an automatic stay that temporarily halts collection action, including foreclosure.

In their filing, the Sprys list $1.9 million in assets and $5.2 million in liabilities, according to the news source. Robinson Spry Interiors, for which they filed a Chapter 7 bankruptcy petition, lists $96,036 in assets and $1.8 million in liabilities, while Spry Enterprises lists $359,100 in assets and $971,690 in debt.

According to the Sprys' personal bankruptcy filing, their gross income in 2010 was $76,956.

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