Developer of University Park Files for Chapter 7

Andy Sarwal, the former developer of University Park, filed for Chapter 7 bankruptcy this week. 

According to his bankruptcy filing, Sarwal has $1 million in assets and $18.3 million in liabilities. When he bought the old campus of Concordia University Texas back in 2007 for $750 million, Sarwal had plans to renovate it into University Park. However, the plans did not come to fruition and the 23-acre plot was repossessed and sold to Spear Street Capital. 

There are currently 80 creditors attached to the filing; SA East Avenue LLC is owed the most, a total of $11.5 million. A large portion is owed to Emmis Publishing, a magazine publisher that is claiming $600,000 in debts. 

Sarwal will be represented by attorney Michael Baumer in Austin's bankruptcy court.

Are you considering bankruptcy? If you said yes, now is the time to contact the Malaise Law Firm to enlist the help of a San Antonio bankruptcy lawyer.