Funeral Home Bankruptcy growing
Funeral home bankruptcy is on the rise. there are recent examples of this both in Texas and in Georgia.
In Texas it appears that a long established Funeral Home gave up everything to the state.
Large Funeral Homes have merged to avoid these Scenarios.
Here is a Snippet from a Georgia Bankruptcy Case
“Bankruptcy trustee says the bankruptcy case for Frank Griffin and Dent’s Undertaking Establishment is coming to a close; there is no money for prepaid funeral arrangements and the historic property is possibly headed towards foreclosure.
A. Stephenson Wallace, the bankruptcy trustee, says he has filed a motion to abandon the historic property on D’Antignac Street. Now, the case will become a no asset case.
Wallace says this decision was made because the liens against the property were determined to be greater than it’s worth. Wallace says the Richmond County tax digest values the property at $284,000. We’re told it’s current value could be found to be less than that figure.
Wallace lists the liens against the property as:
Almost $200,000 lien by the State of Georgia for unpaid state taxes; $28,000 by the City of Augusta; about $8,000 in unpaid local county taxes; and another $49,000 in various other liens.
That does not include the 20 or more claims filed by victims who said they gave Griffin money for their pre-paid funeral arrangements. Under Georgia law, that money is to be put in a trust immediately. The Georgia State Board of Cemeterians is now investigating Griffin and Dent’s for possibly breaking the law.
via www.wrdw.com
This is good news for the Funeral Consumer in that these kind of things bring down the average cost of a Funeral.”
Funeral Industry|Funeral blog by Your Funeral Guy
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Tags: average cost of a funeral, bankruptcy, blog, consumer, foreclosures, funeral, funeral home, funeral industry, your funeral guy
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