Official Form 201 Voluntary Petition for Non-Individuals Filing for Bankruptcy page 1

Fill in this information to identify your case:

United States Bankruptcy Court for the:

NORTHERN DISTRICT OF TEXAS

Case number (if known) Chapter 11

Check if this an 

amended filing

Official Form 201

Voluntary Petition for Non-Individuals Filing for Bankruptcy 06/22

If more space is needed, attach a separate sheet to this form. On the top of any additional pages, write the debtor's name and the case number (if 

known). For more information, a separate document, Instructions for Bankruptcy Forms for Non-Individuals, is available.

1. Debtor's name J & N Real Asset Holdings, LLC

2. All other names debtor 

used in the last 8 years

Include any assumed 

names, trade names and 

doing business as names

3. Debtor's federal 

Employer Identification 

Number (EIN)

81-2429319

4. Debtor's address Principal place of business Mailing address, if different from principal place of 

business

890 Liberty Lane

Roanoke, TX 76262

Number, Street, City, State & ZIP Code P.O. Box, Number, Street, City, State & ZIP Code

Tarrant

County

Location of principal assets, if different from principal 

place of business

Number, Street, City, State & ZIP Code

5. Debtor's website (URL)

6. Type of debtor Corporation (including Limited Liability Company (LLC) and Limited Liability Partnership (LLP))

 Partnership (excluding LLP)

 Other. Specify: 

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Document Page 1 of 7
Debtor J & N Real Asset Holdings, LLC Case number (if known)

Name

Official Form 201 Voluntary Petition for Non-Individuals Filing for Bankruptcy page 2

7. Describe debtor's business A. Check one:

 Health Care Business (as defined in 11 U.S.C. § 101(27A))

 Single Asset Real Estate (as defined in 11 U.S.C. § 101(51B))

 Railroad (as defined in 11 U.S.C. § 101(44))

 Stockbroker (as defined in 11 U.S.C. § 101(53A))

 Commodity Broker (as defined in 11 U.S.C. § 101(6))

 Clearing Bank (as defined in 11 U.S.C. § 781(3))

 None of the above

B. Check all that apply

 Tax-exempt entity (as described in 26 U.S.C. §501)

 Investment company, including hedge fund or pooled investment vehicle (as defined in 15 U.S.C. §80a-3)

 Investment advisor (as defined in 15 U.S.C. §80b-2(a)(11))

C. NAICS (North American Industry Classification System) 4-digit code that best describes debtor. See

http://www.uscourts.gov/four-digit-national-association-naics-codes.

 

8. Under which chapter of the 

Bankruptcy Code is the 

debtor filing?

A debtor who is a “small 

business debtor” must check 

the first sub-box. A debtor as 

defined in § 1182(1) who 

elects to proceed under 

subchapter V of chapter 11 

(whether or not the debtor is 

a “small business debtor”) 

must check the second 

sub-box.

Check one:

 Chapter 7

 Chapter 9

 Chapter 11. Check all that apply:

The debtor is a small business debtor as defined in 11 U.S.C. § 101(51D), and its aggregate 

noncontingent liquidated debts (excluding debts owed to insiders or affiliates) are less than 

$3,024,725. If this sub-box is selected, attach the most recent balance sheet, statement of 

operations, cash-flow statement, and federal income tax return or if any of these documents do not 

exist, follow the procedure in 11 U.S.C. § 1116(1)(B).

The debtor is a debtor as defined in 11 U.S.C. § 1182(1), its aggregate noncontingent liquidated 

debts (excluding debts owed to insiders or affiliates) are less than $7,500,000, and it chooses to 

proceed under Subchapter V of Chapter 11. If this sub-box is selected, attach the most recent 

balance sheet, statement of operations, cash-flow statement, and federal income tax return, or if 

any of these documents do not exist, follow the procedure in 11 U.S.C. § 1116(1)(B).

A plan is being filed with this petition.

Acceptances of the plan were solicited prepetition from one or more classes of creditors, in 

accordance with 11 U.S.C. § 1126(b).

 The debtor is required to file periodic reports (for example, 10K and 10Q) with the Securities and 

Exchange Commission according to § 13 or 15(d) of the Securities Exchange Act of 1934. File the 

Attachment to Voluntary Petition for Non-Individuals Filing for Bankruptcy under Chapter 11 

(Official Form 201A) with this form.

The debtor is a shell company as defined in the Securities Exchange Act of 1934 Rule 12b-2.

 Chapter 12

9. Were prior bankruptcy 

cases filed by or against 

the debtor within the last 8 

years?

 No.

 Yes.

If more than 2 cases, attach a 

separate list. District When Case number

District When Case number

10. Are any bankruptcy cases 

pending or being filed by a 

business partner or an 

affiliate of the debtor?

 No

 Yes.

List all cases. If more than 1, 

attach a separate list Debtor Relationship

District When Case number, if known

Case 24-40413-elm11 Doc 1 Filed 02/05/24 Entered 02/05/24 16:46:56 Desc Main

Document Page 2 of 7
Debtor J & N Real Asset Holdings, LLC Case number (if known)

Name

Official Form 201 Voluntary Petition for Non-Individuals Filing for Bankruptcy page 3

11. Why is the case filed in 

this district?

Check all that apply:

Debtor has had its domicile, principal place of business, or principal assets in this district for 180 days immediately 

preceding the date of this petition or for a longer part of such 180 days than in any other district.

A bankruptcy case concerning debtor's affiliate, general partner, or partnership is pending in this district.

12. Does the debtor own or 

have possession of any 

real property or personal 

property that needs 

immediate attention?

 No

 Yes. Answer below for each property that needs immediate attention. Attach additional sheets if needed.

Why does the property need immediate attention? (Check all that apply.)

 It poses or is alleged to pose a threat of imminent and identifiable hazard to public health or safety.

What is the hazard?

 It needs to be physically secured or protected from the weather.

 It includes perishable goods or assets that could quickly deteriorate or lose value without attention (for example, 

livestock, seasonal goods, meat, dairy, produce, or securities-related assets or other options).

 Other

Where is the property?

Number, Street, City, State & ZIP Code

Is the property insured?

 No

 Yes. Insurance agency

Contact name

Phone

Statistical and administrative information

13. . Check one:

 Funds will be available for distribution to unsecured creditors.

Debtor's estimation of 

available funds

 After any administrative expenses are paid, no funds will be available to unsecured creditors.

14. Estimated number of 

creditors

 1-49

 50-99

 100-199

 200-999

 1,000-5,000

 5001-10,000

 10,001-25,000

 25,001-50,000

 50,001-100,000

 More than100,000

15. Estimated Assets $0 - $50,000

 $50,001 - $100,000

 $100,001 - $500,000

 $500,001 - $1 million

 $1,000,001 - $10 million

 $10,000,001 - $50 million

 $50,000,001 - $100 million

 $100,000,001 - $500 million

 $500,000,001 - $1 billion

 $1,000,000,001 - $10 billion

 $10,000,000,001 - $50 billion

 More than $50 billion

16. Estimated liabilities $0 - $50,000

$50,001 - $100,000

 $100,001 - $500,000

 $500,001 - $1 million

 $1,000,001 - $10 million

 $10,000,001 - $50 million

 $50,000,001 - $100 million

 $100,000,001 - $500 million

 $500,000,001 - $1 billion

 $1,000,000,001 - $10 billion

 $10,000,000,001 - $50 billion

 More than $50 billion

Case 24-40413-elm11 Doc 1 Filed 02/05/24 Entered 02/05/24 16:46:56 Desc Main

Document Page 3 of 7
Debtor J & N Real Asset Holdings, LLC Case number (if known)

Name

Official Form 201 Voluntary Petition for Non-Individuals Filing for Bankruptcy page 4

Request for Relief, Declaration, and Signatures

WARNING -- Bankruptcy fraud is a serious crime. Making a false statement in connection with a bankruptcy case can result in fines up to $500,000 or 

imprisonment for up to 20 years, or both. 18 U.S.C. §§ 152, 1341, 1519, and 3571.

17. Declaration and signature 

of authorized 

representative of debtor

The debtor requests relief in accordance with the chapter of title 11, United States Code, specified in this petition.

I have been authorized to file this petition on behalf of the debtor.

I have examined the information in this petition and have a reasonable belief that the information is true and correct.

I declare under penalty of perjury that the foregoing is true and correct.

Executed on February 5, 2024

MM / DD / YYYY

X /s/ Chirag Patel Chirag Patel

Signature of authorized representative of debtor Printed name

Title Managing Member

18. Signature of attorney X /s/ Eric Liepins Date February 5, 2024

Signature of attorney for debtor MM / DD / YYYY

Eric Liepins 

Printed name

Eric A. Liepins

Firm name

12770 Coit Road, Ste. 850 

Suite 1100 

Dallas, TX 75251

Number, Street, City, State & ZIP Code

Contact phone (972) 991-5591 Email address agenda@ealpc.com

 TX

Bar number and State

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Document Page 4 of 7
Official form 204 Chapter 11 or Chapter 9 Cases: List of Creditors Who Have the 20 Largest Unsecured claims page 1

Software Copyright (c) 1996-2024 Best Case, LLC - www.bestcase.com Best Case Bankruptcy

Fill in this information to identify the case:

Debtor name J & N Real Asset Holdings, LLC

United States Bankruptcy Court for the: NORTHERN DISTRICT OF TEXAS Check if this is an 

Case number (if known): amended filing

Official Form 204

Chapter 11 or Chapter 9 Cases: List of Creditors Who Have the 20 Largest Unsecured Claims and 

Are Not Insiders 12/15

A list of creditors holding the 20 largest unsecured claims must be filed in a Chapter 11 or Chapter 9 case. Include claims which the 

debtor disputes. Do not include claims by any person or entity who is an insider, as defined in 11 U.S.C. § 101(31). Also, do not 

include claims by secured creditors, unless the unsecured claim resulting from inadequate collateral value places the creditor 

among the holders of the 20 largest unsecured claims.

Amount of claim

If the claim is fully unsecured, fill in only unsecured claim amount. If 

claim is partially secured, fill in total claim amount and deduction for 

value of collateral or setoff to calculate unsecured claim.

Name of creditor and 

complete mailing address, 

including zip code

Name, telephone number 

and email address of 

creditor contact

Nature of claim

(for example, trade 

debts, bank loans, 

professional services, 

and government 

contracts)

Indicate if claim 

is contingent, 

unliquidated, or 

disputed

Total claim, if 

partially secured

Deduction for value 

of collateral or setoff

Unsecured claim

Dallas County

1291 Elm Street 

Suite 2600 

Dallas, TX 75270

Unknown

First Citizens Bank

5950 Sherry Lane 

Suite 100 

Dallas, TX 75225

2023 Ford F 150, 

2022 Toyota 

Senica

$140,000.00 $0.00 $140,000.00

Prosperity Bank

11451 Broadway 

Pearland, TX 77584

Prosperity Bank 2816 Van Horn, 

2517 Glencrest 

and 890 Liberty 

Lane, 416 Anglin 

Street and 717 

Robinson Street

$2,300,000.00 $3,500,000.00 $2,300,000.00

Rekha Polakala

c/o Grant Goins 

P.O. Box 707 

Wylie, TX 75098

$100,000.00

Tarrant County Tax 

Assessor

100 E Weatherford 

Fort Worth, TX 

76196

Tarrant County Tax 

Assessor

$0.00

Veristone Fund I, 

LLC

6725 116th Street 

NE 

Suite 210 

Kirkland, WA 98033

2720 West Lake 

Dr

$1,200,000.00 $0.00 $1,200,000.00

Vista Bank

412 FM 156 

Justin, TX 76247

$50,000.00 $0.00 $50,000.00

Case 24-40413-elm11 Doc 1 Filed 02/05/24 Entered 02/05/24 16:46:56 Desc Main

Document Page 5 of 7
Chirag Patel

890 Liberty

Roanoke, TX 76262

Dallas County

1291 Elm Street Suite 2600

Dallas, TX 75270

First Citizens Bank

5950 Sherry Lane Suite 100

Dallas, TX 75225

L David Smith

2618 Kittansett Circle

Katy, TX 77450

Prosperity Bank

11451 Broadway

Pearland, TX 77584

Rekha Polakala

c/o Grant Goins P.O. Box 707

Wylie, TX 75098

Tarrant County Tax Assessor

100 E Weatherford

Fort Worth, TX 76196

Veristone Fund I, LLC

6725 116th Street NE Suite 210

Kirkland, WA 98033

Vista Bank

412 FM 156

Justin, TX 76247

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Document Page 6 of 7
Software Copyright (c) 1996-2024 Best Case, LLC - www.bestcase.com Best Case Bankruptcy

United States Bankruptcy Court

Northern District of Texas

In re J & N Real Asset Holdings, LLC Case No.

Debtor(s) Chapter 11

CORPORATE OWNERSHIP STATEMENT (RULE 7007.1)

Pursuant to Federal Rule of Bankruptcy Procedure 7007.1 and to enable the Judges to evaluate possible disqualification or 

recusal, the undersigned counsel for J & N Real Asset Holdings, LLC in the above captioned action, certifies that the 

following is a (are) corporation(s), other than the debtor or a governmental unit, that directly or indirectly own(s) 10% or 

more of any class of the corporation's(s') equity interests, or states that there are no entities to report under FRBP 7007.1:

 None [Check if applicable]

 February 5, 2024 /s/ Eric Liepins

Date Eric Liepins 

Signature of Attorney or Litigant

Counsel for J & N Real Asset Holdings, LLC

Eric A. Liepins

12770 Coit Road, Ste. 850 

Suite 1100 

Dallas, TX 75251

(972) 991-5591 Fax:

agenda@ealpc.com

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