Luxury Real Estate Agent Files Chapter 7 Bankruptcy

Posted by Elizabeth Halpern | Posted in Bad Credits | Posted on 06-07-2011

John McMonigle, Newport Beach, California, luxury real estate agent has filed for Chapter 7 bankruptcy protection. His business, McMonigle Group Inc., is one of the nation’s top-selling agencies for high-end residences. From an article on www.ocbj.com by Mark Mueller, Mr. McMonigle’s petition, filed in Santa Ana’s bankruptcy court, lists between $1million and $10 million in assets with debts of between $50 million and $100 million. The bankruptcy filing occurred just barely over a week following McMonigle’s wife, Robin, filing for divorce.

From the Orange County Register, John McMonigle stated, “’an ongoing stalemate with uncooperative lenders’ in ventures unrelated to his core brokerage business are the reason for the filing.”

The Business Journal reported that, in August 2010, construction was halted on a 12.5-acre estate being erected by McMonigle due to ‘loan issues’. The estate, Villa del Largo, is presently on the market for $37 million, down $20 million from an earlier asking price. Last November, lenders sued Mr. McMonigle for defaulting on a $3 million loan secured by his company’s Newport Center headquarters.

The McMonigle Group Inc., which has not filed for bankruptcy, will continue normal operations, according to the Orange County Register.

Although your financial situation is probably not as serious as Mr. McMonigle’s, your overwhelming debt is a serious matter. Filing for Chapter 7 or Chapter 13 personal bankruptcy is complicated. You need a knowledgeable and experienced bankruptcy attorney from Legal Helpers. Log onto www.legalhelpers.com or call toll-free 800-260-1402 for your free initial consultation. It could be the key to your financial freedom.

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