A neighborhood shopping center developer based in Colleyville wants to reorganize through bankruptcy protection in the attempt to lose millions of dollars. The bulk of their property is under development in Tarrant County.

Rland Properties has filed a Chapter 11 bankruptcy on 15 properties in Haltom City, Fort Worth, Flower Mound, Hurst and Colleyville. According to documents filed in the Northern District of Texas in Forth Worth, they have listed assets between $10 and $93.5 million and liabilities ranging between $5.4 and $27.8 million.

Last summer the BBVA Compass Bank closed on Rland's SoHi center at North Tarrant Parkway and Park Vista Road. It was later sold to an investor in Carrollton. The property had been erected just two years earlier in 2008. President Whitman reported that this is the first property that Rland has lost to foreclosure in 16 years.

If you're thinking about Chapter 11, contact our law office to discuss your case with a South Texas bankruptcy attorney.