On February 8, 2010, an involuntary Chapter 7 petition was filed in the United States Bankruptcy Court for the Northern District of Ohio against Fair Finance Company which has been assigned Case No. 10-50494. On February 18, 2010, Fair Finance Company stipulated to the Chapter 7 filing and the Court appointed Brian Bash, Esq. as Interim Trustee. On February 24, 2010, the Court entered its Notice of Consent Order. On March 11, 2010, the Court entered its Order Appointing Brian Bash, Esq. as Chapter 7 Trustee. On May 1, 2017 this case was transferred from Judge Pat E. Morgenstern-Clarren to Judge Jessica E. Price Smith.

On March 18, 2019, the Trustee filed a motion asking the Court to approve the sale of Fair Finance's office building and property. The office building and property have remained vacant for almost ten years with no serious expressions of interest beyond casual inquiry. A buyer approached the Trustee to buy the property for $115,000, and the Trustee asked the Court for permission to sell it. Under the Bankruptcy Rules, the Trustee was required to provide notice of the motion to approve the sale and the Court order approving the sale to all creditors in the case. A copy of the motion was mailed to all creditors in the case on March 18 and March 19, 2019. A clarification of purchase price correcting a clerical error in the original sale motion was filed on March 27, 2019 and mailed to all creditors in the case. On April 19, 2019, the Bankruptcy Court entered a court order granting the Trustee's motion to sell the property and approving the sale. The Order granting the motion was mailed on April 23, 2019. Creditors should have received copies of these filings. These filings have been provided to creditors to keep them informed of the case status.

The information above shows that Fair Finance Company is involve in a chapter 7. From an accounting standpoint, the company can expect to have a trustee liquidate and sell their assets to help pay off their creditors. It was mentioned that the chapter 7 was filed involuntary. So, this means that the creditors decided to file for chapter 7 because they were not receiving any payments from Fair Finance Company. Also, this shows that the creditors think that the company can repay their debt but they are refusing to repay their debt. It is important to note that when a involuntary bankruptcy is filed, the debtor usually has 20 days to respond (Butcher, 2014).

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