The business operations of a prominent Springfield real estate agent are unlikely to be affected by a bankruptcy petition filed early this month, according to the representing attorney.
Antonio Serrano, owner of Assist 2 Sell and the 2014 president of the Springfield Multilist Service board of directors, filed Chapter 7 personal bankruptcy with his wife, joint debtor Christy Serrano. The May 7 petition lists business names used by the debtors during the past eight years: Ozark Property Management LLC; Serrano Properties LLC; New Home Sales LLC; Lake Home Sales Inc.; Home Sales Inc.; S&G Office LLC; and Kindred Properties LLC.
The couple's bankruptcy attorney, David Schroeder of David Schroeder Law Offices PC, said the filing is personal in nature and would not likely affect the business operations.
"The businesses are separate legal entities that have separate assets and liabilities. They'll continue to operate because they are not in bankruptcy," Schroeder said.
Schroeder said the Serranos' interest in their businesses could be considered by the bankruptcy trustee as a means to pay off creditors if they are found to have marketable value, but he said that is an unlikely occurrence.
The petition lists the couple's assets at $56,740 against liabilities of $5.1 million. However, the majority of the liabilities, $4.9 million, are with creditors holding unsecured, nonpriority claims, which according to
AllLaw.com, are typically only paid if there is money left over after priority debts are taken care of.
An estimated 50 to 99 creditors could be paid through the proceedings. Priority goes to secured creditors, the largest of which is Liberty Bank, with a $74,469 mortgage claim for property in Rogersville. Chris and Stacey Stack also have a claim of $35,000, representing a promissory note in Mulligan Properties LLC.
After the secured claims, Schroeder said the next highest priority is over $100,000 in taxes owed to Greene County and the state and federal governments. Unsecured, nonpriority claims include a $275,000 claim by GLR Investments for land titled in the name of Serrano Properties LLC and a $351,000 claim by Liberty Bank for debt owed by Home Sales LLC.
Schroeder said a meeting of creditors is scheduled for mid-June.[[In-content Ad]]
