Types Of Bankruptcy

Nomad’s Inc., a travel club founded in 1965, recently filed for chapter 7 bankruptcy.  The travel club was the only club in the United States with its own airplane, a Boeing 727.

The club filed the petition for bankruptcy in the U.S. Bankruptcy Court in Detroit.  Nomad listed the Boeing 727 as their largest asset worth around $2.5 million.  In total, the bankruptcy filing listed assets of $3,900,798 and liabilities of $3, 917,944.

Club officials said that they attempted to sell the club after they were cut off by fuel suppliers and could not make payroll obligations, but they could not find a buyer.