An Alabama bankruptcy judge has ordered a Lillian man to sell assets to repay debts to nearly 100 creditors across the country.
Morris C. Sears, 63, had run ABBA Bonding from his home since 2001 despite being told twice by the state Insurance Department to stop the construction bond business.
Sears had initially sought Chapter 11 bankruptcy protection against what he says aren’t legitimate claims.
U.S. Bankruptcy Judge Margaret Mahoney granted a creditor’s request to switch the case to Chapter 7, which forces asset liquidation.
Sears sold bonds that are used in the construction industry to ensure a project’s completion.
Creditors he listed in court filings included the Internal Revenue Service and the city of Mobile. He estimated his liabilities at between $1 million and $10 million.
Topics Alabama
Was this article valuable?
Here are more articles you may enjoy.
Severe Convective Storms Become Costliest Insured Peril of 21st Century: Aon 
Adjusters Launch ‘CarFax for Insurance Claims’ to Vet Carriers’ Damage Estimates 
Florida OIR Triples the Size of Citizens’ Rate Decrease 
Forecasters Warn of ‘Potentially Catastrophic’ Storm From Texas to the Carolinas 
