Monday, April 9, 2012

Mizzou Businessman Files Chapter 7 Bankruptcy

Bruce Swisshelm, owner of a variety of restaurants and other business ventures in the Springfield, Missouri-area, as well as in Florida, has filed for Chapter 7 bankruptcy. His wife, Margaret M. Laughlin-Swisshelm, was listed as a joint debtor in the case, which was recently filed in U.S. Bankruptcy Court Western District of Missouri.
The bankruptcy filing lists the couple’s assets at $7.62 million, with liabilities of $17.6 million. They reportedly owe money to over 100 creditors. They list their monthly income at $548, with monthly expenses of $4,209, according to an article on by Wes Johnson.
According to the bankruptcy, the Swisshelms gave up their $500,000 home, which had been used for collateral for $7.7 million in loans. Mrs. Laughlin-Swisshelm also owned a $150,000 property that had debt claims of $1.2 million against it.
In the bankruptcy filing were a number of unpaid gambling debts, including a $120,000 IOU toPalace Casino. According to the Office of District Attorney Bad Check Unit in Mississippi, the Swisshelms paid $82,500 on a debt to Goldstrike Casino, but still owed $28,500.
The bankruptcy petition lists 16 companies that Mr. Swisshelm operated, including San Francisco Oven, Horned Frog Deli, Fog City Coffee, two Ebbets Field restaurants and WC Arch Deli. The bankruptcy petition lists numerous debts owed to businesses, suppliers and employees of Horned Frog Deli, dba McAllisters Deli at several Florida locations.
Creditors seeking repayment include Great Southern, BancorpSouth and Liberty Bank, as well as several other local banks. There is also a $7,352 claim from the Missouri Department of Revenuefor unpaid taxes on personal property.
A phone recording at his Swisshelm Group, Inc., office says that the office is permanently closed.
If you have been considering filing Chapter 7 or Chapter 13 personal bankruptcy due to overwhelming debt, contact the lawyers at Macey Bankruptcy Law. We are experienced and knowledgeable in all aspects of personal bankruptcy protection. Call us toll-free at 800-260-1402 for your initial free consultation. Log onto our newly-designed website for important and up-to-date bankruptcy information. The bankruptcy attorneys at Macey Bankruptcy Law are here for you. Call us today; you will be glad you did.

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