By Mike Stetzer
Former Arrow Trucking CEO and president, James Douglas Pielsticker, has filed for personal bankruptcy, citing debts that are mostly business-related.
Pielsticker's bankruptcy petition claims his assets are valued at between $1 million and $10 million, whereas his liabilities fall somewhere in the range between $10 million and $50 million, according to Tulsa World. The bankruptcy petition mentions that Pielsticker has between one and 49 creditors.
Pielsticker's bankruptcy reportedly comes 37 days after his company, Arrow Trucking, filed for Chapter 7 bankruptcy. That petition mentioned assets and liabilities between $100 million and $500 million, though the filing was later amended to cite the specific amounts of $8.55 million in assets and $98.97 million in liabilities.
Pielsticker's personal bankruptcy filing claims that after exempt assets are excluded and administrative fees paid, there is not expected to be any funds available for distribution to unsecured creditors.
When an individual files for bankruptcy, certain assets may be exempt from liquidation, meaning they cannot be seized and auctioned to repay either secured or unsecured creditors.