JR Ferguson, foreground, from company video. Court record in background.
A federal bankruptcy judge on Monday discharged the debts of John Roger “JR” Ferguson and his wife – meaning, he won’t have to pay. He listed debts of more than $21 million in August when he filed bankruptcy.
The couple had assets of more than $400,000.
Ferguson is the founder of J Ferg Roofing and related companies. His companies went out of business last year.
“Looking back, I wouldn’t change anything. Sure, things didn’t always go as planned, but every challenge taught me something important. I learned what works, what doesn’t, and how to keep moving forward,” Ferguson said in a written statement to LubbockLights.com after the judge’s discharge order.
Most, but not all debts are covered by the order. For example, there are standard exceptions for things like taxes. Click here to see the discharge order.
The court has not approved a payment plan for Ferguson’s creditors, and most of what he had (more than $353,000) was listed as exempt in the original filing. Exempt, as long the judge agrees, means he gets to keep it.
The biggest creditors are out-of-town companies and the U.S. Small Business Administration.
LubbockLights.com reached out to some of the local creditors to offer a chance to comment. They did not accept the invitation.
Previous coverage: J Ferg founder JR Ferguson files for bankruptcy, lists more than $20 million in debts mostly related to his business
Settlement with the U.S. Bankruptcy Trustee
The United States Trustee’s office in Dallas asked for a delay in November.
“The United States Trustee is prepared to show the Court that she has good cause to continue investigating this case,” an attorney for Trustee Lisa L. Lambert wrote.
The judge agreed, and the deadline to object to Ferguson’s bankruptcy was pushed back from November 25 to Monday (February 24).
In January, the Trustee settled with the Fergusons concerning roughly $41,000 they had set aside over the years for their children. They borrowed $34,000 from those accounts but then paid back their children’s accounts ahead of other lenders, according to court records.
The Fergusons denied any wrongdoing. The two sides agreed the Fergusons would give up $20,000 to settle the claim.
No other objections were filed, according to court documents.
‘Setbacks weren’t failures’
According to his Facebook page, Ferguson now works for eRoof – a company run by one of his former employees.
“I’ve had good and challenging years, but they all shaped me. The setbacks weren’t failures, they were lessons that made me stronger and more prepared for what’s ahead. I know what I must do now and am ready to do it,” Ferguson said in his statement.
“The future is clear, and I’m more focused than ever. The next chapter will be better than the first, and I’m excited for what’s to come. The best is still ahead,” Ferguson said.
When we covered the case back in September, we included a history of the J. Ferg Roofing company.
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