Anchor Vacations CEO files for bankruptcy

On Oct. 27, attorney Allen Turnage of Tallahassee filed for Chapter 7 bankruptcy in the Florida Northern District Bankruptcy Court on behalf of Jereme Neill, CEO of Anchor Vacations LLC.

According to the US Courts webpage, a Chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in Chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds to pay creditors in accordance with the provisions of the Bankruptcy Code.

Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property.

Creditors of Anchor and Neill received notice of the bankruptcy petition late last week. According to the US courts website, the next meeting of creditors will be held Nov. 24 in Tallahassee. The case will be heard by Chief Bankruptcy Judge Lewis Killian, Jr.

In the declaration, Neill declared $1.4 million in liabilities and claimed only $300,000 in assets. He claimed more than $85,000 in exempt property, reducing the assets available for liquidation to about $215,000. Additional liabilities may exist.

In his statement of financial affairs, Neill lists his gross business revenue as $2.6 million last year, and $1.7 million for the portion of 2008 prior to the dissolution of Anchor Vacation Properties Sept. 29.

The list of creditors holding unsecured claims names over 200 individuals and businesses, and is topped by Howard Wesson, Neill's former partner at Anchor, who claims $211,000 for professional services. Olivier Monod, owner of Anchor/Weichert Realty, which is not affiliated with the bankrupt company, is owed $135,000, the remaining portion of the purchase price for Anchor Vacation Rentals.

Neill also owes about $125,000 in state taxes and another $100,000 in federal taxes.

First Funds LLC of New York, NY is owed $75,000. Self-described as provider of unsecured cash advances, First Funds offers short term loans with no collateral, no fixed monthly payments, a simple approval process and funding usually within seven days, according to its website.

An additional $55,000 is owed to CSA Travel Protection, a firm that provides travelers with insurance covering expenses in the event that the itinerary for a trip must be changed or if baggage is lost in transit.

One Eastpoint contractor is owed $16,000, the St. George Island Plantation Property Owners Association is owed $14,000.

The single biggest debt to a homeowner is more than $33,000, but most are owed under $3,000.