Real Estate Developer in Flushing, Queens Files for Chapter 11 Bankruptcy for the Third Time

by San Antonio Attorney

Real estate developer Hong Qin “Sandy” Jiang filed its third Chapter 11 bankruptcy in just two years.  The firm developed the Shirokia Tower in Flushing property.

Jiang filed a bankruptcy petition on Dec.  9 for a 23-unit condominium building in Queens, the court documents show.  The developer is selling the property to repay its creditors.

The firm is at risk of foreclosing the property, so it filed for bankruptcy protection.  The first time it filed for Chapter 11 was in 2014, but private lending firm Madison Realty Capital momentarily saved the project by providing a $14 million funding.  Afterwards, the developer borrowed $18 million refinancing from W Financial plus $2 million mezzanine financing from Sam Chang, a hotel developer.  However, Jiang defaulted in July 2016 forcing her to file for Chapter 11 once more in August.

At the time of the most recent bankruptcy filing, Jiang said she has acquired sufficient funds to repay Chang.  But Chang has asserted that his company won’t get any payment until Jiang has settled her debts to W Financial.  Jiang’s bankruptcy plan aims to repay all of her creditors.

Jiang believes selling the property is the best option for now, she said in the bankruptcy filing.

If you find it very difficult to pay your debt and have filed for bankruptcy before, you probably want to know when you can discharge your debt again through bankruptcy.  Though you can file for bankruptcy as many times as you want, there are limits on how you can discharge your debts.

To learn more about repeat bankruptcy filings, talk to a San Antonio Bankruptcy attorney.  You’ll know if you can refile a dismissed bankruptcy case, and why you should still file for bankruptcy even if you are not entitled to a debt discharge.

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