An ambulance company in Lebanon Township has been forced to file for Chapter 7 bankruptcy after local authorities and officials have been questioning its ownership.  The Lebanon Township First Aid Squad Inc. filed a voluntary petition with the U.S. Bankruptcy Court, District of New Jersey; William R. Edleston of Phillipsburg is responsible for filing the papers.

This type of bankruptcy will force them to liquidate their property and use the proceeds to pay off creditors. This is in comparison to Chapter 11 bankruptcy where the organization or business has a chance to create a reorganization plan to allow the business to continue running while paying back creditors over time.

The ambulance squad is now revealing its financial statements which show that it's real property consists of the headquarters building located at 528 West Hill Road (valued at $845,000) as well as four vehicles and $50,000 in accounts receivable. Their total amount comes to $897,249 in assets.

Planning to file for Chapter 7?  Contact our firm to get help from a South Texas bankruptcy lawyer.