Owner of The College Network in Indianapolis Files for Chapter 7 Bankruptcy

by San Antonio Attorney

Gary L.  Eyler, a former businessman in Indianapolis, has filed for Chapter 7 bankruptcy amidst legal battle over his business, The College Network.

Eyler filed his bankruptcy petition in a bankruptcy court in Nevada because he currently lives in Nevada, the court records stated.

The filing shows that Eyler has assets ranging from $1 million to $10 million and debts ranging from $10 million to $50 million.  He identified 32 creditors, which includes Mercedes-Benz, Ferrari and the the Internal Revenue Service.

He also listed Southeast Financial Credit Union in Tennessee as one of his creditors.  The credit union is suing The College Network and Eyler.

Eyler founded the College Network in 1995.  The company is an online test-preparatory materials resource for entrance exams.  Southeast took loans of $35 million for the 10,000 students of College Network.

Southeast sued The College Network and Eyler in 2015, claiming $13 million on unpaid loans.

The lawsuit alleges that Eyler deceitfully reorganized The College Network to avoid creditors.  The company was sold to Career Learning & Academic Support Services and Global Learn without any payment, and both of them are associated with Eyler.

The College Network was also facing legal actions from several states.  The company allegedly deceived customers into purchasing resources that were inadequate.

Eyler was absent during a deposition in that case in February.   He is reportedly planning to file for Chapter 7 bankruptcy.

Southeast asserted that planning to declare bankruptcy is not a rightful reason for not showing up in a deposition.

Chapter 7 bankruptcy is a liquidation process that allows debtors to utilize their assets to pay their debts.  Chapter 7 bankruptcy also discharges most types of debts.

Eyler’s first court filing did state details on his income, expenses, debts or assets.  He has to provide more information by March 16.

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