Earlier this month, “Troubleshooter” Tom Martino filed for Chapter 7 bankruptcy. Martino hosts television and radio shows on consumer-advocacy based in Denver, Colorado.
Martino says that all of his debt is related to commercial real estate projects and that he has zero consumer debt. The majority of the 47 creditors listed in the bankruptcy were banks that Martino had real estate loans from and had failed.
The Chapter 7 bankruptcy filing lists $78.6 million in debt and $1.37 million in assets. Martino said, in regards to the filing, “There are so many people in this same boat. You’ve got millions of dollars in lost value and all of a sudden you can’t refinance your loans and you are just upside down.”
To learn more about the Chapter 7 bankruptcy process, contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 today.