Y-ME files for bankruptcy with $500,000 or less in assets

Updated: July 19, 2012 7:31PM

Y-Me National Breast Cancer Organization Inc. has filed for bankruptcy just days after abruptly closing its doors.

The organization filed a Chapter 7 petition in the U.S. Bankruptcy Court’s Northern District of Illinois on Tuesday. The petition listed assets of between $100,001 to $500,000 and debts of $500,001 to $1 million.

It also estimates that the organization’s creditors total from 50 to 99. But an attachment lists more than 300 potential creditors, including the city of Chicago.

A longtime volunteer for the group, Margaret Harte, has told the Sun-Times that “incompetence and mismanagement” led to its collapse. She said prior managers committed the group to long-term leases of expensive office space.

Y-ME organized an annual Mother’s Day race and walk in Grant Park. It shut operations Thursday.

David Roeder

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