RICHMOND, VA (WWBT) - It's the end of the road for a used car dealership in Northside Richmond.
Chamberlayne Auto Sales and Repair, Inc. is in Chapter 7 bankruptcy. The owner just recently filed for protection from its creditors and the man behind the now-bankrupt business is a familiar face.
Oliver Lawrence's used car dealership has no assets and it's unlikely any creditor will get paid, says the attorney handling the company's bankruptcy. Drive by there today and you won't see any cars.
Chamberlayne Auto Sales and Repair, Inc. closed up and filed Chapter 7 bankruptcy with the U.S. District Bankruptcy Court last Tuesday, Jan. 24. Paperwork shows the company claiming no assets, except for eighteen inoperable cars and $400 in office furniture and equipment - totaling $3,852.00.
No assets. No cash and $559,000 in debt.
You may remember we went looking for Company President Oliver Lawrence back in December to get his side of a customer car repossession complaint. He didn't respond to our repeated attempts to reach him then. This time, he sent NBC12 to his attorney for a an official statement.
Attorney David Spiro says the used car dealership wasn't making any money, and rather than turning the lights out and waking away leaving people wondering, he says Lawrence filed Chapter 7 so creditors know what's going on.
Those creditors probably don't like what's going on, because Chapter 7 stops debt collection - even the lawsuits against Chamberlayne Auto Sales and Repair, Inc.
Seven creditors, two lawsuits, a judgment and a warrant in debt likely won't get paid. A few of the large amounts include: Queen Harris who has a $450,000 lawsuit against the company alleging wrongful possession and consumer protection violations; $70,000 for a line credit from Vehicle Acceptance Corporation; and a pending lawsuit with a $14,000 claim by a woman named Yvonne Taylor.
Chapter 7 bankruptcy does not prevent Oliver Lawrence from getting back into the car business. He can still sell cars and own a dealership. He just can't open another business under Chamberlayne Auto Sales and Repair.
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