Developer Clark Turner, one of Harford County’s most prominent business figures, filed for Chapter 7 bankruptcy protection last week for both himself and his home construction firm, according to court records.
Bankruptcy documents voluntarily filed in U.S. Bankruptcy Court for the District of Maryland on Nov. 12 put total assets for Belcamp-based Clark Turner Homes LLC between $1 million and $10 million, against debts of between $1 million and $10 million.
The Chapter 7 filing for Turner as an individual, however, place his personal assets at between $1 million and $10 million and his debt between $50 million and $100 million.
In 2010, Turner’s 768-unit Beechtree Estates project near Aberdeen Proving Ground was the recipient of a hotly-debated $14 million tax increment financing, or TIF, subsidy provided by Harford County and backed by then-County Executive David Craig. It was the first-ever such loan approved by the County Council, and was intended to be paid back by Turner through revenue created by the increase in property taxes stemming from the development.
The Clark Turner Homes LLC filing lists more than 140 creditors, including Harford and Cecil counties, the cities of Aberdeen and Havre de Grace, and a bevy of construction-related companies and contractors. Turner’s personal filing lists 36 creditors, including several banks, both counties, and the city of Havre de Grace.
A major housing developer in northeastern Maryland for more than 25 years, Turner was a driving force in the creation of the Bulle Rock community and golf course in Havre de Grace. Court documents do not specify the events which led to Turner seeking bankruptcy protection. Both filings claim the “debts are primarily business debts,” and both claim that Turner estimated funds would be available to be distributed to creditors of both himself and his firm.
Chapter 7 bankruptcies are focused on liquidation of the business or individual’s assets to pay creditors, as opposed to other forms of bankruptcies which allow adjustment of debt or a reorganization of a business.
A meeting of creditors in both proceedings is scheduled for Dec. 22 in Baltimore, according to court documents.
The filings for Clark Turner Homes LLC and Turner himself, respectively, follow.