Jonesboro farmers file $11 million bankruptcy.
Adam and Keith Nichols, who own Nichols Farm Partnership, Hogan & Nichols Farm Partnership, Nichols Equipment Inc. and Nichols Land Co. LLC, each filed his own bankruptcy petition.
Adam Nichols listed his debt at $6.23 million and his assets at $2.27 million. He had $3.1 million in secured claims and $3.1 million in unsecured debt.
Keith Nichols listed his debt at $4.73 million with assets of $2.95 million. He had $3.1 million in secured claims and $1.6 million in unsecured debt.
The largest unsecured creditor was Union Planters Bank of Jonesboro, with a total of $3.5 million of unsecured claims against Nichols.
Adam Nichols listed his income from farming in 2004 as $25,000. He received the same amount in 2003. Keith Nichols listed his income from farming at $60,000 in 2004 and 2003.
Neither Adam nor Keith Nichols could be reached for comment. Their attorney, Ray NicHe of Jonesboro, didn't return a call seeking comment.