When officials of a 30-year-old festival were forced to cancel last minute last year, there were ramifications greater than local disappointment. The group that runs the festival has been forced to file for Chapter 7 bankruptcy after claiming to be $900,000 in debt. The Sunset Junction Street Festival has been an annual event for the past 30 years. Coordinated and run by the Sunset Junction Neighborhood Alliance, it was backed largely by the city of Los Angeles. As a result, the city is the largest debt holder in the bankruptcy filing submitted earlier this month.
When the group canceled the festival last year, it found itself in serious debt due to owing several performers money that they were promised. Among those performers listed on the filing were k.d. lang, Hanson, Butthole Surfers and Clap Your Hands Say Yeah. A total of $250,000 is owed to creditors who were supposed to profit from last year’s festival. Facing Chapter 7 bankruptcy? Contact the Malaise Law Firm as soon as possible so you can receive advice and guidance from a San Antonio bankruptcy lawyer from our team.