Chip Norton, owner and president of Wellesley-based Franklin Realty Advisors, filed for Chapter 7 bankruptcy in June. In the filing, Norton disclosed $1.69 million in debt, but creditors say he owes nearly $70 million from personal guarantees from financing for real estate deals

The filing in the U.S. Bankruptcy Court for the District of Massachusetts comes as Norton faces a raft of legal challenges.

Creditor Cornerstone Bank sued Norton and his wife in May, alleging the developer shifted ownership of his Dover and Cape Cod homes into his wife’s name to dodge repayment on a $1.6 million loan he personally guaranteed, the Boston Business Journal reported. The couple’s properties are valued at nearly $4 million.

Norton is also named in loan guarantee disputes in Connecticut and New York.

Norton has departed from his role atop FRA, according to the filing, where he listed his occupation as a driver with an estimated monthly income of $1,000.

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