Friday, July 22, 2005

Jasper Farmers Exchange files for bankruptcy

A meeting has been scheduled for 11 a.m. Sept. 8 in the Division II courtroom in the Jasper County Courthouse in Carthage for all of those owed money by Jasper Farmers Exchange, which filed for Chapter 7 bankruptcy today.
The Jasper business reported having $224,178 in personal property, but owed $185,932.12, including more than $135,000 to Southwest Missouri Bank, $18,036.73 to the MFA Law Department in Columbia, $2,761.81 to Lamar Feed and Grain, $23,711.70 to Farmland, and $3,753.31 to Archer Daniels Midland (ADM).
A Chapter 7 bankruptcy is essentially a liquidation of the business, in which any real or personal property is sold to pay off creditors.

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