by Eric Ginsburg

Monitoring the economic pulse of the Triad

Greensboro mayor declares bankruptcy

Greensboro Mayor Robbie Perkins has filed for Chapter 7 bankruptcy. The News & Record reported that Perkins filed in the Western District bankruptcy court in Charlotte on April 5. Perkins, who is the president of commercial real estate company NAI Piedmont Triad, said in a statement that his financial troubles are related to business difficulties and his recent divorce.

“It’s no secret that I have been experiencing financial difficulties resulting from the downturn in the economy and a domestic situation which I have been unable to resolve to date,” the mayor said in a prepared statement on April 4. “As such, I felt that I had no choice other than to file for bankruptcy today. I did not arrive at this decision lightly and regret that it has come to this point. It is my intent and hope that this action will allow me to move forward and focus positively on what is best for my family and for the city.”

The News & Record reported that Perkins bankruptcy filing reveals that he owes $10.8 million, including $644,000 to NewBridge Bank for mortgages on his Irving Park home and a lot next door, $75,000 to a business partner, $47,169 to American National Bank for a loan to refinance existing debt to pay taxes, $32,000 to Greensboro Day School for tuition, $23,000 for a credit line with BB&T, $15,695 to the Brooks Pierce law firm and $9,000 to his divorce lawyer.