Houston builder Casa Villarreal Builders has filed for Chapter 7 bankruptcy, according to Houston Business Journal reporter Paul Takahashi. Under terms of Chapter 7, the company will cease to operate after 12 years of building and remodeling homes in the Midtown Houston area. In recent years, however, it has not been active.
Owner Jose Villarreal says the reason for the company's closing is the financial stress brought on by the Great Recession and the inability to recover thereafter. The bankruptcy filing states that the company has between 1 and 49 creditors and that there would be no funds available for distribution to creditors after any administrative expenses are paid.
“We just got hit pretty hard,” Villarreal said. “When all my capital was taken from me, there was no surviving.” Villarreal, who said he ceased his company’s operations several years ago, said he now has a fresh start working for other home builders in the Houston area. “I spent a lot of time trying to save my company,” Villarreal said. “I wasn’t going to dissolve my company. I didn’t want to, but this is the way it has to happen.”