GunnAllen Financial Inc. filed a voluntary bankruptcy petition for Chapter 11 bankruptcy protection.

The filing came a month after the FIRA or Financial Industry Regulatory Authority found GunnAllen does not have the money needed to remain in operation.

The application was filed on 26th April in U.S. Bankruptcy Court for the Middle District of Florida in Tampa. GunnAllen Financial Inc. said it had both assets of about $10 million and liabilities of about $50 million.

The total number of creditors is expected to be up to a thousand. A company called “5002 West Waters LLC” located at Miami was listed as the largest creditor with about $22.8 million claim against GunnAllen. Among the local creditors that lent to GunnAllen Financial Inc is Lewis Brisbois Bisgaard & Smith LLP in Tampa with a $76,000 claim that the filing indicates is disputed.

GunnAllen had been among the largest financial consulting firms and securities brokerages based in the Bay area. Its 129 local brokers it ranked among top 5 securities brokerages and its 133 local consultants ranked it No. 3 among financial consulting firms in the Business Journal’s “2010 Book of Lists.”