Thelma Joshua, widow of the founder of J.M. Products, an ethnic hair care products maker, has declared Chapter 7 bankruptcy after being unable to cover a $5 million loan to the company that she personally guaranteed. Arkansas Business has reported that Ms Joshua reported $768,000 in assets and $5.74 million in debts. Ms Joshua, who was CEO of the company, had guaranteed a $5 million loan from Bank of America.
The company collapsed in 2009 after defaulting on a $9 million loan made in 2007. The company was unable to reorganize and emerge from bankruptcy and the firm was liquidated, according to reports on www.therepublic.com.
Ernest Joshua Sr., who died in 2005, founded J.M. Products in the early 1970s and was later named to the University of Arkansas Business Hall of Fame.
Filing for Chapter 7 or Chapter 13 personal bankruptcy is complicated. You need the knowledgeable and experienced bankruptcy attorneys from Macey Bankruptcy Law to help you with all of your legal proceedings. We have been helping consumers since 1994 and have successfully guided hundreds of thousands of consumers like you to the discharge of their debts. Log onto our new, interactive website at www.maceybankruptcylaw.com or call us toll-free 800-260-1402 for your free initial consultation. It could be the key to your financial freedom.