Neumann Homes Files For Bankruptcy Protection
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With foreclosures touching high levels due to turbulence in real estate segment, it doesn’t come as a big surprise that Neumann Homes filed for Chapter 11 bankruptcy, not chapter 7 bankruptcy though it is the most popularly preferred option.
The company had been badly hit in the wake of the all time low housing slump that happened in places such as Chicago, Detroit and Denver markets as well.
So the ninth largest builder of homes in the region now owes a figure more than $100 million collectively to around 5,000 of its creditors.
No doubt, this spells perhaps the most devastating financial collapse in Chicago that is now going through a dangerous slowdown in the context of housing sales.
