The Journal Times reports that the former chairman of the Bank of Elmwood has filed for bankruptcy, following lawsuits his employees filed against him accusing him of ruining their stock.

The bank’s stock fell to zero when it was shut down by state and federal regulators in 2009. Half of the bank was owned by its employees, four of which are suing the bank’s former chairman for their losses.

In a self-interested move, the ex-chairman and CEO of the bank, Jess Levin, filed for Chapter 7 bankruptcy. Chapter 7 offers a wide range of protections, including staying, or preventing, the action of new and existing lawsuits against you.

If you are facing innumerable financial burdens, filing for personal bankruptcy may help. If you are considering filing for bankruptcy, contact the Chapter 7 bankruptcy attorneys of Hong Law, PLC, at 319-632-1400.