American Shingle roofing company recently filed for Chapter 7 bankruptcy leaving many consumers without their deposits and without a new roof. I wrote about the filing earlier in an article American Shingle Files Chapter 7 Bankruptcy but I wanted to give consumers a little more information about bankruptcy procedures since most have never been creditors in a bankruptcy case before.
A bankruptcy case is started with the filing of a document called a petition. The actual petition is only a couple of pages long, and contains basic information about the debtor and some estimated statistics. To file a case, only the petition and a mailing matrix (mailing list of creditors and parties) needs to be filed. The statistics shown on the petition regarding debts and assets are only an estimate and may change as the caes progresses.
American Shingle filed it’s case deficient, which means it was filed with the minimum paperwork required. That isn’t unusual and no one should read anything into the fact that they did this, however the documents filed right now don’t tell us much. We have to wait to see the rest schedules and statement to get a better picture. Read More of This Article
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