Forbes Custom Cabinets Seeks Chapter 7 Bankruptcy Protection

by San Antonio Attorney

Forbes Custom Cabinets filed for Chapter 7 bankruptcy. The company is located in Apex, North Carolina and has been in the industry for 29 years.

Based on court papers filed, Forbes Custom Cabinets has $2.1 million in liabilities and $666,325 in assets. Its largest creditor is the Bank of North Carolina, which the company owes approximately $1.3 million.

Forbes Custom Cabinet was launched in 1985. It is owned by Flint Davis and Ed Hallberg. The company focuses on installing cabinets for educational space, health care offices, and government offices, based on its business profile. In general, they work with big contracting businesses, such as Duke Construction, Skanska, Bobbitt Design Build, and Brasfield & Gorrie.

Two years ago, Davis sold his interest in the company to Hallberg and left the Forbes Custom Cabinet  to focus on his entrepreneurial interests.

The original owner of the company is Tom Forbes. Davis and Hallberg bought the company in early 2009 from Jim Bendel. Bendel was the third owner and he elevated the business. The value of the company in 2002 was $800,000 and it grew to $4 million in 2008.

If you are a single proprietor or your company is a general partnership, Chapter 7 may be right for you. You can wipe out your personal liability for your business’s debts. However, if your  business is a separate legal entity, like a corporation or LLC, you need to file a bankruptcy for the business. Although it is possible to use Chapter 7 in this case, it is much more complicated than a personal Chapter 7 bankruptcy filing.

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