In late July, Ascendant Energy, a solar technology company based in Owls Head, Maine, filed for Chapter 7 bankruptcy. The company will not repay approximately $780,000 in debt, acquired mainly through loans and grants from the Maine Technology Institute and investment funds from Coastal Enterprises, Inc.
The company’s founder, Chris Straka, secured a patent in 2006 for a device invented to concentrate and amplify solar energy. In 2009, Ascendant Energy received nearly $1 million in loans and grants from the Maine Technology Institute to continue developing its solar panel technology and launch its new manufacturing facility. The company owes approximately $12,500 to the University of Maine for failing to install solar panels at its conference center. The company also owes $40,000 to Oakhurst Dairy for a deal involving solar systems installation at 16 of its farms.
Overall, the company has $781,957 in liabilities, $1,610 in assets and no real property. The assets are listed as one $500 printer, one laptop, several six-year-old solar modules worth $600 and various tools valued at $500. Straka, who owns 100 percent of the company’s shares, has separately declared Chapter 13 bankruptcy. The reorganization of debt permitted under Chapter 13 will allow the company’s founder to maintain ownership of his home, located in Owls Head.
If your debt has reached an overwhelming level and you are battling creditor harassment, Chapter 7 or Chapter 13 bankruptcy can provide a fresh start. With the help of a knowledgeable bankruptcy attorney, you may be able to effectively discharge your debts through an asset liquidation process. Work with a respected New Mexico bankruptcy lawyer to examine your case and explore your options.