Running Horse LLC, the company that professional golfer Tom O’Meara founded to build a country club, filed Friday for chapter 11 bankruptcy, and Manteca, Calif.-based Elon Golf Construction Inc. took control of the development, the Fresno Bee reported on Saturday. Elon is the largest unsecured creditor with a claim of about $9.5 million. The firm’s financial distress has clouded the outlook for the PGA Tour, which has scheduled the Running Horse Golf Championship for Fresno in October. “This latest development is a setback, no question,” said Bob Combs, the PGA Tour’s senior vice president for communications. Combs said Fresno remains an “attractive long-term market” for the PGA Tour, but the Running Horse project’s financial issues are causing his group to look at alternatives for the Oct. 22-28 event.

An individual can receive a discharge under Chapter 7 of the United States bankruptcy code every eight years.  Thus, if somebody filed for Chapter 7, four years ago, they are not eligible to be a debtor under Chapter 7 at the present time.  They can however, file a Chapter 13 bankruptcy, and attempt to repay their debts over time.  One of the significant changes of bankruptcy reform was extending the time to receive a discharge from six years and a day to eight years and a day.  Although this may have seemed like a long period of time, I have found that debtors have the ability to wait out the additional two years before filing another Chapter 7 bankruptcy.

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