Title Company Owners File Bankruptcy
by December 28, 2009 12:00 am 183 views
Owners of the former Heritage Title & Closing Co. of Fayetteville filed for Chapter 7 bankruptcy in late November.
Phillip and Jacquelyn Carruth filed the paperwork in U.S. Bankruptcy Court, claiming $621,404 in assets and $2.74 million in liabilities.
Creditors include Legacy National Bank of Springdale, the Internal Revenue Service, Bank of Arkansas NA and Chambers Bank for two unsecured loans valued at a combined $964,486.
The paperwork states the Carruth’s are both employees of Commerce Land Title LLC, which took the place of Heritage, but we’re told they own the business.