Hill Country Galleria, LP has filed for Chapter 11 bankruptcy as of Monday night. The Hill Country Galleria project entered foreclosure auction at noon on Tuesday.

The Galleria, which opened in October of 2007, cost over $192 million to develop. It is currently 70% leased, but has not brought in enough money to avoid bankruptcy because of the foreclosure schedule and the complexity of the construction loan the company took out.

If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.