An IT-powered property management company in Champaign, Illinois, has officially sought Chapter 11 protection. Smartz Inc. provides property management services including security, rent collection, and tenant screening.
The Chapter 11 process could help the company in reorganizing its finances. Operations are expected to continue as usual under court supervision.
Smartz Inc. Enters Bankruptcy Proceedings
On April 12, 2026, the company officially initiated bankruptcy by filing a voluntary petition. The company has not disclosed a specific reason for the filing.
Chapter 11 bankruptcy proceedings are used by businesses to readjust their finances. Day-to-day operations typically continue as the court oversees the restructuring process.
According to official case records on RK Consultants, attorney William Factor of The Law Office of William J. Factor, Ltd is legally representing the company.
The filing was signed by Kevin Wan, president of Smartz Inc. and the company’s authorized representative.
Proceedings are currently taking place in the U.S. Bankruptcy Court for the Central District of Illinois.
Unsecured Creditors Expected to Be Paid
At the time of filing, the company listed around one to 49 creditors in total. Court filings indicate that funds will be available for distribution to the unsecured creditors. An exact number of unsecured creditors is not available currently.
Other details of the Chapter 11 petition, which can be found on PACER, are:
- Filing Date: April 12, 2026
- Court and Jurisdiction: U.S. Bankruptcy Court for the Central District of Illinois
- Type of Filing: Active, Voluntary Petition
- Chapter: 11
- Case Number: 26-90240
- Estimated Assets: Between $10,000,001-$50 million
- Estimated Liabilities: Between 1,000,001-$10 million
- Reason for Filing: Restructure business under court supervision
About the Company
Smartz Inc. provides software that integrates property management tools with smart home automation. With this, a centralized system allows users to control connected devices, access security features, and manage residential properties. Some of its customers include property owners, managers, and residents.
According to its website, the platform offers smart device control, cloud data storage, and tenant and maintenance management.
As the case is in its early stages with several key pending filings, the company is expected to proceed with the restructuring while also meeting creditor claims under court supervision.
