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Former InBank CEO Files For Personal Chapter 7 Bankruptcy

A Chicago business woman has filed for Chapter 7 bankruptcy shortly after her troubling banking business failed last fall. The Chicago Tribune reported that Cynthia Grazian filed for Chapter 7 liquidation bankruptcy on January 22, 2010. She reported $2.2 million in assets and $4.3 million in debts when filing for Illinois bankruptcy.

Grazian is the former CEO of the troubled InBank, the company located in Oak Forest, Il, that was seized by the Federal Deposit Insurance Corp. in September of 2009. The bank began to deteriorate after Grazian wrote off $13 million in bad loans and lost millions more. As the bank’s troubles worsened, an August cease-and-desist order set by the Federal Deposit Insurance Corp. and the Illinois Division of Banking asked the bank to fire Grazian and to raise a sufficient amount of capital. InBank had been in business since 1970.

Most of Grazian’s assets are tied up in a posh Lake Shore Drive condo valued at $2.2 million. She made $272,501 at Inbank in 2008. It is not clear who her creditors are. 

Chapter 7 bankruptcy is a form of liquidation bankruptcy in which a person sells their assets in order to pay off some of their debts. In Illinois, there are a number of exemptions when it comes to the liquidation of assets and property. If you think Chapter 7 bankruptcy may be an option for your family’s financial situation, contact a specialized Illinois bankruptcy lawyer today.

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