September 23, 2016

Chef Luke Palladino Files for Bankruptcy

Luke Palladino After a string of restaurant closures, celebrity chef, Luke Palladino, filed for personal bankruptcy protection Sept. 7, the Inquirer reported.

His most recently shuttered restaurant, located at the Jersey Shore, closed over Labor Day weekend. Prior to that, he shut the doors of Palladino’s on Passyunk, a critically acclaimed Italian eatery in Philadelphia. An Inquirer reporter gave the restaurant a three out of four bell rating a few months after its 2014 grand opening.

On September 13, Valley Forge Casino severed ties with Palladino, who opened a 4,400-square foot steakhouse at the venue in 2015.

Palladino filed bankruptcy under chapter 7. If his request is approved, it would result in liquidation of his assets to pay his debts which include approximately:

  • $1,400 to Arway Linens
  • $12,300 to Ashley Foods
  • $5,228 to Samuels & Sons Seafood
  • 350,000 to investor NEA Passyunk LLC, who sued LP Passyunk LLC, Palladino’s liability company, in June
  • $33,000 to Palladino’s landlord, Passyunk Avenue Revitalization Corp.

He has also lost hundreds of thousands of dollars in the form of various assets. Palladino’s assets total about $59,000 and he has liabilities near $1.19 million.

Even celebrities who have it all may only be creating an illusion of financial stability. If you are going through a bankruptcy and need counseling, contact us.

Posted In: Bankruptcy