In re Gelt Financial Corporation (Bankr. E.D. Pa.) Case no. 11-15827
Gelt Financial Corporation recently filed for Chapter 11 bankruptcy and, although no sale has been announced, the Debtor’s assets may be available for acquisition under the right circumstances. The Debtor is a provider of commercial and residential mortgages. The Debtor states that its principal reason for filing for bankruptcy is the increased rate of default of its clients. The Debtor owns 14 residential and commercial properties located in Pennsylvania, Delaware, Maryland, New Jersey and Missouri, valued together by the Debtor at $1.3 million. The Debtor’s income for 2009 was $2.5 million; for 2010 it was $1.9 million; and for 2011 to date it is $1.085 million.