By Mike Stetzer
Louie Di Raimondo, the founder of Miami-based company All American Hot Dog Carts, has recently filed for Chapter 11 bankruptcy.
Di Raimondo claimed to have about $1.1 million in assets on his bankruptcy petition, and nearly $5.5 million in debts that he owes to 100 to 200 creditors, according to the South Florida Business Journal.
Just several years ago, Di Raimondo was experiencing tremendous financial success, according to the news source, and was planning to open a sit-down hot dog restaurant as late as 2006.
The bankruptcy petition includes 27 pages of credit card debts, and reports that his annual income was negative in 2009, but has climbed up to $77,000 so far this year. Assets listed on the petition include a 2008 Ford Ranger and a boat, according to the news source.
All American Hot Dog Carts, Di Raimondo's business, has also filed for bankruptcy, claiming nearly $2 million in debts and only about $200,000 in assets.