POINT PLEASANT – A Point Pleasant attorney’s bankruptcy filing is not the first time he’s been in financial trouble.
In addition to his filing on Oct. 13, 2005, Raymond G. Musgrave previously filed for bankruptcy on Oct. 2, 1987. (U.S. Bankruptcy Court for the Southern District of West Virginia (Parkersburg), Case No. 87-40172)
Unlike his current filing, Musgrave filed individually and initially under Chapter 7 of the U.S. Bankruptcy Code.
Under Chapter 7, a debtor often turns over property he or she owns to the trustee appointed in the case. The trustee then sells, or liquidates, the property, using the proceeds to pay the creditors.
Because the case is closed, specific details of the case are in storage at the National Archives and Records Administration’s Mid-Atlantic regional office in Philadelphia. However, general details of the case, including dates when motions were made and the list of creditors, are still accessible.
On Oct. 28, 1987, Musgrave changed his filing from Chapter 7 to Chapter 13. On April 25, 1988 he filed an amended Chapter 13 reorganization plan.
Though a motion was entered on July 31, 1988, ordering confirmation of Musgrave’s plan, it was not without some opposition. Robert Weinberger, lead counsel for the West Virginia Department of Tax and Revenue, one of Musgrave’s creditors, filed a motion on Dec. 20, 1989, to dismiss the case.
However, Musgrave’s repayment plan was entered on Jan. 10, 1990. On March 16, Weinberger withdrew his motion.
Trustee John N. Charnock on Aug. 12, 1992, made a motion to allow claims in the case. According to PACER, those creditors with claims in addition to the Department of Tax and Revenue were the IRS, Charleston National Bank, of Charleston, Citizens National Bank, Point Pleasant Federal Savings and Loan Association and Dr. G. D. Nibert, all of Point Pleasant, and Patrick Price of Henderson.
According to PACER, Charnock filed a final report on Feb. 2, 1994. A little over six months later, the court entered an order discharging Musgrave as a debtor.
On Aug. 25, 1994, the final decree was entered closing the case.