Chattanooga: Prebul bankruptcy filing shows $22.5 million in liabilities

Chattanooga: Prebul bankruptcy filing shows $22.5 million in liabilities

July 15th, 2009 by Lauren Gregory in Local Regional News

An attorney for Joseph Prebul filed documents to launch the car dealer's personal bankruptcy today, indicating he has $241,083 in assets and nearly $22.5 million in liabilities.

Mr. Prebul had filed for bankruptcy protection for several of his local dealerships after being arrested in February on federal wire fraud charges. Creditors in that case had filed an involuntary bankruptcy petition against Mr. Prebul to obtain his personal financial information.

Mr. Prebul's attorney, Thomas Ray, agreed to the personal bankruptcy in a filing Tuesday and today added personal financial schedules to the case in U.S. Bankruptcy Court in Chattanooga.

Mr. Ray said he felt the bankruptcy is in his client's best interest, and added that he believes Mr. Prebul will be able to keep his Signal Mountain home and personal effects even as other assets are liquidated.

For complete details, see tomorrow's Chattanooga Times Free Press.