Yet one more Housewives’ bankruptcy story to report.
The OC Register is reporting that just 2 days before his home with wife Alexis Bellino, 32, was scheduled to go on the auction block due to foreclosure, Jim filed for Chapter 11 bankruptcy protection for his company.
Jim is reportedly the president of Global Marine, Inc. — a single-asset real estate corporation. The 7-page document filed Wednesday at U.S. Bankruptcy Court, Central District of California states that “after any exempt property is excluded and administrative expenses paid, there will be no funds available to unsecured creditors.”
So how much exactly does Jim’s company owe? Well that is not yet clear as the bankruptcy filing simply states the estimated number of creditors is between 1 and 49, and the estimated assets of Global Marine, Inc. are between $1,000,001 and $10 million.
The OC Register is also reporting the Bellinos’ auction date on their soon to be foreclosed Newport Beach home has been postponed to Jan. 10. The reason being due to Jim’s bankruptcy filing. You can see photos of that home here.
When contacted by the Register on Friday for a comment, Jim said “No comment” and hung up the phone.
TELL US – WHAT ARE YOUR THOUGHTS ON THIS?