Namaste Indian Cuisine, located at the Commercial Center, files for Chapter 7 Bankruptcy.

The ongoing economic slowdown along with a crowded Indian restaurant market has taken its toll on the three year old Namaste Indian Cuisine restaurant.

In a bankruptcy filing, Namaste’s owner Maria Rodrigues declared the total assets in form of personal property totaling $8,000 against the unsecured liabilities of over $49,000 with Sahara Kaufman LLC as a single largest creditor.  Other creditors are local banks and utility companies.

In Chapter 7 bankruptcy, the bankruptcy trustee cancels many (or all) of the debtor debts. At the same time it might also sell (liquidate) some of the property to pay the creditors. Chapter 7 bankruptcy, also called “straight” or “liquidation” bankruptcy, is so named because the law is contained in Chapter 7 of the federal Bankruptcy.