Atlanta, GA- The Gingrich Group, a health care think tank founded by presidential candidate Newt Gingrich, has filed for Chapter 7 bankruptcy protection, according to court documents obtained by the Atlanta Business Chronicle.
In the Chapter 7 bankruptcy filing, The Gingrich Group LLC, listed their liabilities between $1 million and $10 million with assets as low as $100,000.
Under a Chapter 7 filing, a bankruptcy attorney will liquidate the assets of a troubled business in order to pay off creditors.
The Center for Health Transformation was started by Gingrich in 2003. The Washington Post reported that the center collected $37 million from health care insurers, pharmaceutical companies and other industry groups over an eight year period and offered access the Newt Gingrich as an incentive.
Newt Gingrich stepped down as the group’s Chairman last May when he announced he would be running for the 2012 Republican presidential nomination.
The Huffington Post reported that Newt Gingrich has a history of debt and bankruptcy at the numerous political and non-profit organizations he has headed over the years.
The Gingrich Group has been unable to raise money since Gingrich entered the race for Republican nominee.
An ailing business must seek out the advice of a bankruptcy lawyer when they can no longer pay of their debts. After careful consideration a skilled bankruptcy attorney will be able to determine which filing can help an insolvent business reduce their debts and satisfy creditors.