Central Kentucky equine broker Bill Mauk has filed for Chapter 7 bankruptcy protection in U.S. Bankruptcy Court for the Eastern District of Kentucky.
Mauk, who resides in Georgetown, Ky., has operated Mauk Equine Brokerage, Mauk One Farm, and Mauk One Racing. Under the name of Mauk One Racing, Mauk campaigned multiple stakes winner Tap Dancing Mauk.
In the petition, Mauk listed assets of $34,765 and liabilities of $432,485.49. Among the creditors is PNC Bank, owed an estimated $250,000 on a 20-acre Central Kentucky farm on which the bank foreclosed in 2011. Other creditors include veterinarians, vanning services, farms, a feed company, Romans Racing, and the Internal Revenue Service.
Under Chapter 7, a debtor is discharged of his or her debts and, based on statements of income and property filed with the court, may be required to dispose of some property to pay debts.