Smithfield Medical Practice Files For Bankruptcy

Dr.-Franklin-Wefald-headshot-insideA local medical practice operated by a well-known cardiologist has filed for federal bankruptcy protection. Millennia Cardiovascular, P.A., located at 101 East Market Street, Suite 1H in Smithfield filed for Chapter 11 bankruptcy protection in the Eastern District of North Carolina US Bankruptcy Court, according to the April 6, 2016 filing.  Dr. Franklin Wefald is the President and owner of the business.

Millennia Cardiovascular reportedly has between $100,001 and $500,000 in estimated assets and between $1 million and $10 million in liabilities.

Among the debts are $415,000 to Dal-Bridge Partners in Charlotte, $350,000 to Bales & Simpson DDS of Smithfield, $350,000 to Two Guys Grille & Capital Ventures of Smithfield, $26,000 to Last Chance Fund of Hawthorne, NJ, $10,955 to McKesson Medical Surgical of Cincinnati, OH, $16,000 to Arch Capital of New York, NY, and $47,446 to Cook Medical of Chicago, IL.

The filings indicate the judgment to Bales & Simpson DDS is disputed.

In an email, Jason Hendren, a Raleigh attorney handling the bankruptcy filing for Millennia Cardiovascular, said there is a pending motion to dismiss the case, saying a resolution had been worked out with the creditors.

Prior Bankruptcy
This is not the first time Dr. Wefald has sought bankruptcy protection. He filed for bankruptcy in 2010 after a former business partner filed a lawsuit against him.  The former business partner, Dr. Eric Janis, was awarded $650,000 by a federal judge in 2011 after ruling Wefald deliberately and repeatedly libeled and defamed him.  That same year a judge also tossed out a counter suit Wefald filed against Janis ruling it had no merit.