Former Georgia Commissioner files for bankruptcy protection for Columbus shopping center

The Dallas Chipley Group, run by former Georgia Department of Transportation commissioner Vance Smith Jr. and his two sons, Georgia Representative Kip Smith and Vance Smith III, filed of bankruptcy protection.

The group’s sole asset is the Harmony Place shopping center in Columbus on Whitesville Road and Airport Thruway. Tough economic times caused many of the shopping centers stores to pull out of their leases.

The Dallas Shipley Group had their bankruptcy attorney ask for debt protection, citing cash flow issues. According to the court documents the group owes Suntrust Bank roughly $6 million, $1.5 million to the Georgia Commerce Bank along with property taxes.

A bankruptcy judge gave the Smiths permission to use cash collateral to pay necessary expenses like insurance and building maintenance while their bankruptcy lawyer arranges a plan to pay off creditors.

The Smiths assured the shopping centers tenants that the bankruptcy would not affect them and plan to emerge from bankruptcy with their business intact.

We live in uncertain economic times and businesses and individuals find themselves swimming in debt. And they may not have any other course of action they can take other than retaining a bankruptcy attorney to file for Chapter 7 or Chapter 13 bankruptcy. Both of these debt relief plans will allow the indebted company or person to stop collections. In many situations, they are able to keep some of their assets. Bankruptcy gives the debtors the opportunity to start over with a clean financial slate.