16 Sep2014
California Restaurateurs File Chapter 13 Bankruptcy
Written by CFB Blogger. Posted in Blog
Gregory and Heather Vitucci, owners of two
DiCicco’s restaurants, have recently filed for Chapter 13 bankruptcy. The bankruptcy filing lists $428,000 in assets and $591,077 in liabilities.
Creditors holding unsecured claims against the business include the
California Department of Employment Development and the
California State Board of Equalization. Fresno food distributor
Saladino’s Inc. is also listed as a creditor in the Chapter 13 bankruptcy filing.
Unlike Chapter 7 bankruptcy, Chapter 13 does not involve liquidation, writes Chuck Harvey for
www.thebusinessjournal.com. In a Chapter 13 bankruptcy, the debtor is normally allowed to keep all of his or her property as long as the Chapter 13 plan complies with the law. Chapter 13 bankruptcy usually lasts much longer than a Chapter 7 bankruptcy, often lasting from 3 to 5 years. This is because Chapter 13 involves regular monthly payments made to a trustee for the court-approved repayment plan. In the case of the Vitucci bankruptcy, the debtors plan to pay $3,684 each month from future earnings over a period of 60 months (five years).
Gregory Vitucci is the son of Frank Vitucci, one of the original
“Four Sons of Italy” who founded the restaurant in 1956.
For experienced and knowledgeable Chapter 7 or Chapter 13 personal bankruptcy assistance, trust the attorneys from
Client First Bankruptcy who have helped satisfied clients discharge their debt. For your free initial consultation, please call our knowledgeable and compassionate bankruptcy representatives at 800-383-6004. And log onto
www.clientfirstbankruptcy.com for vital and timely bankruptcy information 24/7 so you can get the information you need at your convenience.