Doug Pielsticker went before the U.S. Bankruptcy Court for the Northern District of Texas this week to file for Chapter 7 bankruptcy. As the former president and CEO of Arrow Trucking Pielsticker has been experiencing financial difficulties over the past few years.

In the documents filed for his case Pielsticker listed assets between $1 million and $10 million, and liabilities between $10 million and $50 million. These debts were listed as "primarily business debts" on this same document. Although he does not have a repayment plan in place just yet he did ask for financial counseling on the bankruptcy petition.

This comes after Patrick J. Malloy, the bankruptcy trustee for Arrow Trucking, filed a suit against Pielsticker and his mother, Carol Pielsticker Bump. He alleges that Pielsticker, acting as president and CEO, and Bump, the sole director, received funds fraudulently of at least $12.8 million for personal use. These transfers supposedly ended just before they filed for Chapter 7 bankruptcy and were listed as "salary."

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