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Chef Luke Paladino files for Chapter 7 bankruptcy

A well-known Italian chef, Luke Palladino, who has been active in the restaurant industry in New Jersey and other states over the past 15 years recently closed his Linwood's Central Square restaurant in Atlantic County. A Chapter 7 bankruptcy was also filed by the celebrity chef recently. Visitors to the shopping center said they were surprised to find the restaurant closed.

In the bankruptcy filing that comprises a document of almost 90 pages, his assets were estimated between $50,000 and $100,000. His debts were assessed to be between $1 million and $10 million. Reportedly, the list of over 100 creditors includes small businesses such as produce dealers, seafood markets, liquor stores and bakeries.

Furthermore, bigger companies, including two banks, some automobile firms and others, are standing in line to recover some of the debts that are owed to them. Since 2003, Palladino has run multiple restaurants on the mainland and in several casinos. He reportedly also opened restaurants in other states, including Mississippi, Florida and Pennsylvania. Despite reports that his Central Square restaurant received great reviews and proved to be extremely popular, the financial returns were apparently not sufficient.

The pressures faced day and night when one's debt load gets out of control can be overwhelming. Many people find that, although filing for bankruptcy is a big step, it is a reliable way to obtain real relief. A consultation with an experienced New Jersey bankruptcy attorney can provide guidance for small business owners and explain how a Chapter 7 bankruptcy can provide debt relief and a fresh financial start that may make life manageable once again.

Source: pressofatlanticcity.com, "Celebrity chef Luke Palladino declares bankruptcy", Martin DeAngelis, Sept. 13, 2016

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