Prominent Drs. Prem (Cardiologist) and Bhuvaneswari (Radiologist) Kittusamy file for a colossal bankruptcy
Kittusamys’ filed Chapter 11 bankruptcy with a total liabilities of over $12.4 million compared to their combined total assets of $2.57 million.
All the debts are related to their combined business ventures and personal home loans, credit cards and loans against personal guaranties. The claims secured by property by the creditors total approximately $2.27 million, while unsecured claims are close to $10 million.
Chapter 11 allows debtors to reorganize or liquidate according to a plan. A plan is not effective unless the court confirms it and creditors may have the opportunity to vote on the plan.
Kittusamys’ owe money to over 200 creditors. The top 20 unsecured creditors include – Seven Hills for leased equipment $2.7 million; SHP Building $1.9 million; Siemens Financial Services for leased equipment $2.8 million; Agfa Healthcare Corporation $1,000,000; Wells Fargo Bank personal loan $372,147; Ally Financial for 2014 Cadillac Escalade $25,305; American Express, Bank of America, Chase in credit card purchase $160,900; Bank of Nevada for primary residence $51,396; Creekridge Capital for medical equipment $160,000; Dorothy Kittusamy personal loan $100,000; GE Capital for medical equipment $500,000; IRS for Taxes $35,000; Meadows Bank for home loan $34,821; and Navient for student loan $110,487.
On the Assets side, Kittusamys’ primary residence located at 8628 Lakeridge Circle, Las Vegas is valued at $1.1 million while the vacant land located at 42 Painted Feather Way is valued at $1.175 million. Kittusamys’ have an offer to sell this land for $1 million with a closing by the end of April 2016. Other assets include 2015 Audi Q3, 2015 BMW 535i and 2014 Cadillac Escalade; Household items including personal jewelry, wedding rings, furniture & fixtures totaling $14,290; and Approximate Cash in Bank $67,000.
Along with Kittusamys’, there are few Indian co-debtors included in the bankruptcy filings. Co-debtors are individual or entities who are also liable for Kittusamys’ debt. Indian/Pakistani American co-debtors are Dr. Gobinder Chopra, Dr. Ikram Khan, Dr. Jaswinder Grover, Dr. Javaid Anwar, Dr. M. Nafees Nagy, Dr. Mahendra Singh, Dr. Sanghmitra Basu, and Dr. Sharmin Nagy. The above individuals are creditors as well. The other creditors include Dr. Amit Garg, Dr. Malik Rahim, Dr. Manish Gupta, Partap Investments LLC, Dr. Paul Singh, Adnan Khwaja’s Simply Dezined, and Yashika Jain. Meeting of creditors is scheduled on May 19th, 2016.
Kittusamys’ combined monthly income is $55,000 while their monthly routine expenses are close to $42,000. Last year, 2015, their combined income was $660,000.
Before filing for bankruptcy, Kittusamys were also party in numerous business related lawsuits filed by their creditors.
Kittusamys’ moved to Vegas in 2004 to provide medical care to the growing Las Vegas community. As part of the bankruptcy requirement both, Drs. Prem and Bhuvana, have completed a briefing from the approved credit counseling agency.
Prem Kittusamy graduated from St. George’s University, Grenada, West Indies and completed his residency at R Wood Johnson Medical Hospital, New Brunswick, NJ. Prem completed his Cardiovascular Diseases and Interventional Cardiology fellowship in 2003 from Hahnemann Medical Hospital, Philadelphia, PA.
Bhuvana Kittusamy, a graduate of Madurai Medical College, Madurai, India completed her internship at Maryland General Hospital, Baltimore. Bhuvana attended Thomas Jefferson University, Philadelphia, PA for her fellowship in Radiology. Bhuvana owned and ran Las Vegas Radiology.