The Hill News

The health care consulting group founded by Republican presidential candidate Newt Gingrich filed for Chapter 7 bankruptcy Wednesday according to court documents obtained by the Atlanta Business Chronicle. 

Gingrich stepped down from his leadership position with the Center for Health Transformation when he began his 2012 presidential campaign. According to the filing, the firm estimates liabilities between $1 million and $10 million despite assets below $100,000 and says it will be unable to pay its dozens of unsecured creditors.

The bankruptcy will likely deal another damaging blow to Gingrich's already struggling presidential campaign. The former House Speaker has not won a primary contest since his home state of Georgia on Super Tuesday, and announced last week that he would lay off a third of his campaign staff and substantially scale back his campaign activities.

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