Irwindale Racetrack Files for Bankruptcy

Irwindale, CA- Irwindale Racetrack LLC filed for Chapter 7 bankruptcy Monday and canceled their racing schedule for 2012.

A Chapter 7 filing is recommended by a bankruptcy attorney when a business is deeply in debt. Under this filing the company’s assets are liquidated, or sold off to pay down debts. The business no longer continues operations. Some unsecured debts are completely discharged under this filing.

The bankruptcy filing in U.S Bankruptcy Court Central District showed that Irwindale Racetrack LLC owes $331,773.11 to its creditors. The company has been hit with three personal injury lawsuits; the largest judgment awarded was $150,000. They owe additional funds for rent, advertising along with money owed to city police and utility companies.

The Irwindale Racetrack has sponsored races for Nascar and other racing associations since 1999, but the track will not have any races this year.

Some businesses and individuals find that in these tough economic times they only way to get out from under overwhelming debt is to seek the advice of a bankruptcy lawyer and let the courts decide how they will shed their debt.

There are a number of different filings available to a company or a person. A bankruptcy attorney can determine which filing is best based on the amount of debt and how many assets their clients still own. Bankruptcy can help a business or an individual have a fresh start after they have satisfied their obligations.