Gary Rogers, owner of Charterhouse Boise Downtown Properties, has 30 days to make all necessary payments and file the needed documents to avoid turning a Chapter 11 bankruptcy into a Chapter 7.
U.S. Bankruptcy Court Judge Jim Pappas granted the extension last week.
Trustees in the bankruptcy case had asked for the move to Chapter 7 to allow for Rogers' assets to be liquidated and creditors to try to claim their money.
The Internal Revenue Service joined the bankruptcy motion since Rogers had failed to pay his taxes. He also owes a reported $14,500 in back property taxes to Ada County according to the Idaho Business Review.
According to financial records filed in court, Charterhouse reported $10.3 million in assets—including $135 in cash—while claiming $12.5 million in liabilities when the company originally declared bankruptcy last year.