Want to Buy a Bridge?

Written by CFB Blogger. Posted in Blog

Lee and Krystal Chaklos, owners of the Bellaire Bridge have recently filed for Chapter 7 bankruptcy with the U.S. Bankruptcy Court for Eastern Virginia, and will be required to liquidate all of the assets of their company, the Delta Demolition Group Inc. However, the Chaklos, who live in Virginia Beach, Virginia, own the bridge through a separate company, KDC Investments. Bankruptcy documents list 56 creditors in the bankruptcy case. Documents also show assets of between $100,000 and $500,000, and liabilities of between $1 million and $10 million. According to a news story on www.news-register.net by Joselyn King, the Bellaire Bridge, which connects Benwood, West Virginia with Bellaire, Ohio, has been surrounded by legal issues. It is currently unused, missing approach spans on the Ohio side, and is scheduled for demolition, reports Wikipedia. The News-Register article reports that Mr. Chaklos failed to appear in November to face charges of criminal contempt. Chaklos had allegedly failed to disclose over $2 million in liens against the bridge during previous legal action. The three liens against the bridge collectively total $2,126,400 and include obligations to DAC Audit Services, RFK Enterprises and Scrap Dynamics Corp., the article reports. Of the three, only RFK Enterprises was listed among the 56 creditors in the Chakloses’ filing. Dan Guida, an attorney for the city of Benwood averred, “’I do not believe Delta Demolition Inc. has any ownership interests in the bridge. Rather, KDC Investments LLC owns the bridge. Delta was the contractor who was to demolish the bridge and sought investors to subsidize the project.’” Guida also stated that he had no knowledge of why Delta Demolition did not list DAC Audit Services and Scrap Dynamics as creditors. He also said that he did not think that the bankruptcy filing will have any impact on actions to demolish the bridge. If you are contemplating filing Chapter 7 or Chapter 13 personal bankruptcy, don’t wait another day to call the Client First Bankruptcy legal experts. Our compassionate and experienced bankruptcy attorneys are available for mini-phone consultations Monday through Friday from 8:30 a.m.-9:00 p.m. Central Time to answer your financial debt questions. Client First Bankruptcy lawyers have years of experience in all aspects of Chapter 7 and Chapter 13 bankruptcy relief.  We have helped thousands of clients eliminate their overwhelming debt, including reducing principal balances on underwater second mortgages.  With Client First Bankruptcy’s flexible payment plans, we will work within your budget. Call us toll-free at 800-383-6004. Let’s talk and see if our skilled bankruptcy pros can help you and your family realize a brighter and more secure financial future. Log onto our website at www.clientfirstbankruptcy.com for important and timely bankruptcy information.