Chappaqua Behavioral Medicine, where revenues have plummeted to $166,567 this year, from more than $1.1 million in 2018, has petitioned U.S. Bankruptcy Court in White Plains to reorganize the psychiatry practice under Chapter 11.
On the same day, Dr. Aziz A. Soomro, the owner and medical director, filed for personal Chapter 7 liquidation.
The Chappaqua practice, formed in 2008, declared $308,023 in assets and $242,761 in liabilities.
It lists business debts of $288,895, most of which are characterized as disputed loans, from Amex, Dedicated Commercial Recovery, IOU Financial, Lending Club Corp., M&T Bank, Marlin Capital Solutions and Quarter Spot Inc.
The same claims are listed on Soomro’s personal bankruptcy petition.
He declared $732,920 in assets and $890,506 in liabilities. His largest debt, $661,432, is to SunTrust Bank for a loan on his house in Pleasantville, valued at $729,000. Consumer debts total $38,164.
His income was $309,892 in 2018, $35,000 last year and zero dollars this year.
Neither bankruptcy case explains the declining finances.
Soomro graduated from Sindh Medical College in Karachi, Pakistan, in 1986. He trained in adult psychiatry at North Shore University Hospital in Manhasset, according to his business’ website, and in child and adolescent psychiatry at Dartmouth Medical School. He is a clinical instructor at New York Medical College and an attending psychiatrist with Westchester Medical Center.
Soomro is represented by Harrison attorney H. Bruce Bronson.