Former Cameron Financial Group Exec Files Personal Bankruptcy

Posted by Elizabeth Halpern | Posted in Credit Report | Posted on 30-11-2010

Shannon Faries, former president of the now defunct mortgage issuer Cameron Financial Group, and his wife Olivia, have filed for Chapter 7 personal bankruptcy. The couple lists $33.1 million in debts against $2.6 million in assets.The couple, who filed on September 29, 2010, listed debts from the bankrupt San-Luis Obispo, California, company as the primary reason for the filing, according to Marlize van Romburgh of the Pacific Coast Business Times, www.pacbiztimes.com.“’It was a very painful experience to be in business that long, employing that many people and contributing to the payroll of San Luis Obispo County, and then to have it just end,’” Mr. Faries told the publication.Cameron Financial had over 100 employees and, as of 2008, lent more than $1 billion annually, when the company was forced to liquidate as a result of the economic collapse, reports the Business Times.The bursting of the housing market bubble necessitated the Chapter 7 bankruptcy. At the time of the bankruptcy, the company listed $28.1 million in liabilities against only $983,473 in assets. If you are experiencing extreme debt due to failed real estate investments, call Legal Helpers toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 sites across the country. For experienced and knowledgeable Chapter 7 or Chapter 13 personal bankruptcy assistance, trust the attorneys from Legal Helpers, www.legalhelpers.com. 

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