With 49 contractors and material suppliers listed as creditors, Tennessee custom home contractor Deer Creek Homes filed a voluntary petition for Chapter 7 bankruptcy on December 7, 2020 with the US Bankruptcy Court for the Middle District of Tennessee.
Deer Creek Homes, which is headquartered in Franklin, TN, claims in the bankruptcy filing that they owe $1,269,748.96 in secured and unsecured claims to a total of 67 creditors.
At the time of their bankruptcy filing in December of 2020, Deer Creek Homes reported having:
- $1,269,748.96 in total liabilities
- $61,800 in total assets
- $0 in total checking
- $0 in accounts receivable
Within Deer Creek Homes’ bankruptcy filing, the company lists their gross revenue totals for 2018 and 2019. However, the company does not include a gross revenue figure from the start of 2020 until the filing date.
In 2019, Deer Creek Homes reports they earned $436,915 in gross revenue. In 2018, the custom home contractor reports they earned $207,041 in gross revenue — accounting for an increase of 111.03% in gross revenue between 2018 and 2019.
What is Chapter 7 bankruptcy?
During a Chapter 7 bankruptcy filing, the process of liquidation takes place — which is “the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors,” as explained by USCourts.gov.
There are several alternatives to filing for Chapter 7 for debtors looking for financial relief. For instance, USCourts.gov states that a debtor could instead file for Chapter 11 bankruptcy, which could instead allow the debtor to purpose “a plan of reorganization to keep its business alive and pay creditors over time.”
Creditors and disputes from Deer Creek Homes’ Chapter 7 bankruptcy filing
At the time of their bankruptcy filing, Deer Creek Homes reported having 64 unsecured claims worth a combined $1,104,748.96.
Of the 64 creditors, 48 are contractors and material suppliers:
- 1-JP Contracting, Inc. – $1,000
- 31-W Insulation Co., Inc. – $2,686.87
- A Plus Gutters – $9,601
- Adenus Technologies – $894.07
- American Express – Lowe’s – $4,444.47
- Aqua Barriers – $1,598
- ARMCO HVAC and Electrical – $19,468
- Atlas Brick (d/b/a Tennessee Brick & Stone) – $3,984
- Builders’ Insulation – $40,971
- Capitol Wholesale Fence Co., Inc. – $792.07
- Carter Lumber – $49,614.19
- CD Construction LLC – $1,100
- Cenwood Appliance Distributors – $43,614.19
- Comfort Supply, Inc. – $20,793.78
- Discount Plumbing & Electrical – $61,931.29
- Ed’s Supply Company, Inc. – $4,343.52
- Franklin Pool and Spa – $2,389.67
- Franklin Stone Co. – $803.57
- Gotta Go Portable Service, LLC – $5,357.04
- Graham’s Lighting, Inc. – $19,448.62
- Granite Place – $9,955
- Henley Supply Millwork – $57,939.90
- Henry Drilling & Pump Co. – $10,330
- Home Depot – $720
- Horton Hardwood Floors – $5,400
- J & J Electrical, Inc. – $22,724.95
- Jarrett Concrete Products & Supply, Inc. – $2,244.39
- Jeffco Flooring & Supply – $8,240.29
- Kenco Construction Co. LLC – $147,765.09
- KMS Investments, Inc. dba Floorz – $10,540.01
- Lampley Concrete, Inc. – $25,790
- Middle Tennessee Granite, Inc. – $7,296
- Middle Tennessee Lumber Co., Inc. – $8,114.31
- Peppers Concrete Pumping – $1,760.83
- Pool Builders Supply – $6,833.48
- Pool Equipment & Supply, Inc. – $30,070.82
- Priority Pest Protection – $1,017
- Robert F. Henry TIle Co., Inc. – $10,657
- Rogers Group, Inc. – $5,251.48
- Scott Wilson Architect, LLC – $16,876.41
- Southern Surveying, Inc. – $2,450
- SRM Concrete – $9,714.27
- Thorpe Design, LLC – $4,100
- True-Line Coring & Cutting Nashville LLC – $990
- Very Sound Advice – $1,776.60
- Waste Solutions of TN, LLC – $21,809.26
- Wayne Gist, Gist Heating and Cooling – $1,200
- Williamson County Insulation, Inc. – $3,178
According to Deer Creek Homes’ official bankruptcy filing, the custom home contractor has three secured claims worth a combined $165,000.
Tractor and heavy equipment manufacturer Kubota — listed as Kubota Credit Corporation USA in the bankruptcy filing — has two claims worth a combined $65,000.
According to Deer Creek Homes’ bankruptcy filing, a levy worth $20,000 was filed by subcontractor SRM Concrete in January of 2020 against the home builder.
The bankruptcy filing also lists a breach of contract pending case with a homeowner as of the December filing date.