The developer of the Falcon Club neighborhood in Amarillo filed for Chapter 13 bankruptcy protection yesterday in U.S. Bankruptcy court. This is the third time Paul Gillette has filed for bankruptcy protection since 1992.
Chapter 13 bankruptcy allows for presently employed individuals to structure a plan to pay off creditors.
The filing came just hours before an auction of Falcon Club property was to begin. The total assets and liabilities have yet to be released.
Gillette’s other business, Falcon Club Utility Co., is also facing serious troubles. The private water provider for the neighborhood has experienced leaks, equipment malfunctions, water pressure fluctuations, and outages in the past few weeks. Gillette had to suggest that residents of Falcon Club boil their water before drinking it as it could possibly be unsafe.
If you or someone you know is considering filing for Chapter 13 bankruptcy, contact the La Porte Chapter 13 bankruptcy lawyers of Gipson & Norman at 281-332-4800 to learn more about your rights.
