The owner of the Yavapai Downs horse racetrack in Arizona has recently filed for Chapter 7 bankruptcy protection.

According to news sources, the racetrack, plus all of their facilities, have a total of $15.4 million in liabilities and $24 million in assets. The total of debts and assets is different depending on what source is used when calculated.

In a Chapter 7 bankruptcy, debtors may need to liquidate some assets in order to repay creditors, though many assets can be protected with bankruptcy exemptions. The main creditor in this case is the federal government, and $14.56 million are owed.

If you are interested in learning more about how bankruptcy can help you deal with overwhelming debt, contact the Arizona Chapter 7 bankruptcy lawyers of the Harmon Law Office, LLC, today by calling 480-829-0494 today in order to discuss your legal options.