A key creditor in the bankruptcy filing of a historic Boston church has raised objections about the church’s eligibility for bankruptcy, and sources suggest that this challenge may throw a wrench in the church’s debt relief plans.
This week, OneUnited Bank submitted papers to a bankruptcy court that claim the Chapter 11 bankruptcy filing of Charles Street AME Church, a historic venue in Roxbury, Massachusetts, should be voided because the church did not have the right to seek bankruptcy protection.
According to a recent report from the Boston Herald, the church filed for Chapter 11 bankruptcy in order to avoid foreclosure, but OneUnited Bank, the church’s largest creditor, claims that the church is being disingenuous when it claims poverty.
Sources say that the church allegedly combines its assets with the First District of the African Methodist Episcopal church, which has more than $500 million in assets.
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Bankruptcy is not the best option for debt relief .. It has many serious consequences for many years.
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