Thomas Gerard Martino has filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court in Denver with liabilities of $78.6 million and assets of $1.37 million. It lists secured claims of $3 million and unsecured claims of $75.6 million.

So, what; who is this Martino guy? Thousands of people across the U.S. file bankruptcy every year (which you would know if you are a regular reader of the Jacoby Meyers Bankruptcy Law blogs). Mr. Martino, better known as Tom Martino, is a consumer affairs watchdog and media personality in the “mile-high city” of Denver, Colorado.

However, Martino told the Denver Business Journal that he ‘only’ owes about $36 million, and that the bankruptcy filing listed one $14 million debt three times, which a legal spokesman confirmed.

Martino, who once appeared on KDVR/Fox31, blames “bad commercial real estate debt, the recession and two failed banks for his financial problems” writes Heather Draper on www.bizjournals.com. He avers that he has no consumer debt. 

The bankruptcy filing lists 11 business entities for Martino: Troubleshooter Network Inc., Tom Martino Consulting LLC, Liberty Bell LLC, Appel Farms Group LLC, Moomba II Inc., Parker Place LLC, Parker Tech Center, Sherman Properties LLC, WSOP Investments LLC, Welton Street Properties LLC and Colorado Airplane Hangar Co.

He claimed income of $2.15 million last year from three sources: Troubleshooter Network, Tom Martino Consulting LLC and Denver TV station KDVR.

Martino’s bankruptcy filing lists five secured creditors: failed New Frontier Bank’s Longmont branch, which is now controlled by the FDIC; Brian Buckley; Colony AMC OPCO LLC and two FDIC accounts.

The bankruptcy also lists 23 unsecured creditors including Bank of the West, the City of Fort Lupton, Colony AMC, failed Colorado Capital Bank, El Paso County District Court, First Citizens Bank (successor to Colorado Capital Bank),Welton Street Properties, Macquarie Mortgage, Cornerstone Property Management, Ferrellgas, International Bank and the homeowners association for Appel Farms, a now-dissolved company of Martino’s.

Martino, however, states that he has only three creditors: Colony AMC, to which he owes about $34 million; failed Colorado Capital Bank, about $3 million and International Bank, $1 million.

The Business Journal article states that Martino, who is known for his aggressive style of going after businesses that he deems unethical, said he did “nothing wrong” to force his bankruptcy. “’How does this reflect on me? It doesn’t. Real estate values declined. I owned real estate … and now the country is going to hell. There is nothing I could have done differently, except not invest in real estate.’”

Martino said his trouble began with the 2009 failure of the New Frontier Bank, in which he had $1.5 million in cash. (Since the FDIC insures deposits up to $250,000, the real question is why a person with financial acumen would leave uninsured funds in any one bank).

He also stated that his properties, like those of tens of thousands of Americans, lost about 40% of their value after the financial crisis hit, so he couldn’t get loans to refinance his debt.

In the article, Martino insists that he is being “completely open and transparent” about his bankruptcy, since it would otherwise be “hypocritical”; he has been talking about his financial problems on his radio show and blogging about it for a year. He also doesn’t think the bankruptcy filing will hurt his reputation as a consumer advocate.

Your overwhelming debt is a very serious matter requiring serious and capable help. Filing for Chapter 7 or Chapter 13 personal bankruptcy is complicated. You need a knowledgeable and experienced bankruptcy attorney from Jacoby Meyers Bankruptcy Law. Log onto www.jacobymeyersbankruptcy.com or call toll-free 800-260-1402 for your free initial consultation. Attorneys from Jacoby Meyers Bankruptcy Law have helped over 56,000 consumers in the last three years discharge their debt.