Greenvale Goes for Broke

With only $50,000 in assets and between $10 and $15 million in debt, Greenvale Homes has filed for bankruptcy according to the DNJ.  I feel sorry for the creditors,

Major unsecured creditors include 84 Lumber Co. in Murfreesboro, which is owed $76,521, and HH Gregg in Indianapolis, which is owed $20,533. Local creditors include Smyrna Ready Mix in Murfreesboro, Thomas & Sons Electric in La Vergne and Wall to Wall Floor Covering in La Vergne.

Ouch.

Overextending yourself is not just a problem for average people like us, but for big corporations too.  Have you overextended yourself?  What can you do to get out from under debt?

  • STOP SPENDING money on things you don’t need.  You do need to pay for your utilities, rent or mortgage, food, and a vehicle (and keeping it running with fuel, insurance).  You do NOT need all the new shoes and clothes, carry out meals, and movie nights.
  • Take on a “cash only” mentality. If you can’t pay for it with cash, don’t buy it.
  • Get a second job and start paying off those credit cards… it’s no fun but important to get evened out and eventually ahead again. There’s no work, you say?  Mow lawns, babysit, go through your stuff and sell on eBay or Craigslist.
  • Clip coupons and use them. A friend of mine actually spends about $20 p/week on groceries for a family of three because she finds the double coupon deals and uses them.  While her magic touch probably won’t work for everyone, a savings of $10 a week by using coupons adds up to $520 p/year.

I’m not a financial planner and you can easily consult one, but by being conscious and realistic about what you spend is a good first step.  Good luck… hopefully we won’t see you alongside Greenvale in bankruptcy court.

14 comments for “Greenvale Goes for Broke

  1. Elizabeth
    July 31, 2010 at 1:48 pm

    Thanks Kathy for the info on getting out of debt and you can also listen to Dave Ramsey on the radio each day like I did for years…he gave me the initiative and desire to pay off my credit cards, car and other bills (except for my home)…it just takes "being tired of being in debt" to get you motivated…I did it …you can too.

  2. michaelinLV
    July 31, 2010 at 6:40 pm

    Here in Cedar Grove, Phase III was built by Greenvale. There is one site remaining (as has been the case since 2007), and Greenvale has intentionally not built on it so that they didn't have to finish paving the street. Now with the Bankruptcy, maybe we will FINALLY be able to force the hand of the city to finish the street!

    Speaking of which, Angie Mayes said that the Chaney road sidewalks would be built this year. Guess what? Still no sidewalks. So another year begins with high school students choosing to either walk in the ditch with knee-high grass or risk their life walking in the street. I've lived here for 7 years and for some reason I still think the city is goign to do things when they say they will!

    • mark
      August 1, 2010 at 4:45 am

      they would be built if they could watch how money is being pent at city hall.

      a fe in the water dept are still getting overtime and no one was to get since an email sent out last Sept. but 2 are still getting it. Also if the water dept would stop writing off bad water bills then that money could be used to build sidewalks.

      state comptrollers office hopefully will be coming there in the next several months and then they can see how bad this dept really is.

      • blah blah
        August 1, 2010 at 5:41 am

        Sorry to tell you Mark, but water dept. funds cannot be used for general fund projects. Water and Sewer Fund can ONLY be used for water and sewer projects. The main reason a lot of general fund projects have never been completed is because 1) The current administration (city council and administrator) have no plan. There is no comprehensive plan on how and when to build anything. It's pretty much a year to year guessing game as to what the city needs. 2) The city council does not want to raise property taxes. That is the only way this town is ever going to get anything done is with more property taxes.

        I just looked at Smyrna's budget and their capital projects 5 year plan. I was amazed at the kind of money they are spending. Yes, they have more sales tax, but their property tax rate is higher than Lavergne too. They also have more than twice the number of city employees than Lavergne, but roughly only 10,000 more citizens. They've got it together, we do not. It all boils down to leadership – city council and city manager.

  3. Cricket123
    August 1, 2010 at 1:18 am

    Didn't Greenvale also build the Brookside subdivision on Carothers Road? And who was the builder on Carothers Crossing?

  4. August 1, 2010 at 11:04 am

    Hey Michael–

    The plans for Chaney are in the works…The procedure is : we have to do a request for proposal then a request for bids. We also have to get the right-of-way easements as well as the engineering designs. There's a lot more to it than just throwing down a sidewalk. We also have to work with two or three state and/or Federal agencies on various aspects of the project.

    At the present time, we have three such projects in the works — Fergus Road sidewalks, which are soon to come to fruition. I believe the reason this is so close to beginning is that we 1). have been working on it for at least five years and 2). this project was planned before the Chaney sidewalks.

    We're also working on the walking trail at Brookeside park on the other side of the interstate.

    So, in closing, we have not put off these projects, there's just a lot of hoops a city has to go through to to get a project approved, then it takes time to get them completed.

    If anything is being built as a result of grants, then we'll have to come up with the additional 20% (generally, I think they're 80/20 splits).

    So we have to make sure there's money to pay for the projects.

    Robin Grubb and Vice Mayor Jerry Gann are working hard to get these projects to move along. If you have any questions, please feel free to call Mr. Gann at 566-5517. He's the chairman of the Parks and Rec committee and can tell you more about the stages the various projects are in.

    Thanks for asking!

    • michaelinLV
      August 1, 2010 at 12:56 pm

      I understand the process, but I brought up the Chaney Road sidewalks when the water department was replacing the water pipes on Cheney. I don't understand why this city wouldn't go ahead and put in those sidewalks while the ground had already been disturbed for the water pipes? It would have saved money since water/sewer money was used to move the dirt. Now propoerty tax dollars have to pay for everything.

      I understand there is a process, and I don't want it to look like I was blaming you Angie. But if I can look back and find it, I'm pretty sure you or someone said that sidewalks would be coming to Cheney this year.

  5. Justin
    August 1, 2010 at 9:35 pm

    Hey Angie please tell us how much grant money the city has lost due to slow project approvals. Is this not our green way money being used on sidewalks. We dont have green ways and we dont have side walks.

  6. Justin
    August 1, 2010 at 9:58 pm

    Let me think. Parks has leased out the cutting of grass for the last few years. Parks has a larger payroll than before the lease. We are about to loose yet another grant at the end of this year. Mark the problems are not only in the water dept.

  7. August 2, 2010 at 5:18 am

    Justin —

    I think Senna would be the best person to contact when seeking those type of answers. I am the marketing and program coordinator. With Senna as Alderman, she has much more knowledge of the actual money spent/lost over the years.

    Thanks for asking.

  8. Justin
    August 2, 2010 at 8:39 am

    Angie i would think that you would have suggested Robin Grubb or Vice Mayor Jerry Gann. They seem to be the go to for parks.

    • mark
      August 2, 2010 at 3:15 pm

      she did suggest that the other day……..

  9. Cee Dee
    August 2, 2010 at 10:30 am

    Who owns Greenvale??

  10. David
    August 2, 2010 at 11:34 pm

    Mark Thomason owns Greenvale Homes

    Here's his LinkedIN profile: http://www.linkedin.com/pub/mark-thomason/17/b08/

    doesn't tell ya much does it.

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