Condominium and office building developer Robert Patch recently filed for Chapter 7 bankruptcy protection. Filing for Chapter 7 bankruptcy allows one to keep their exempt property while eliminating unsecured debts.
Patch filed bankruptcy on behalf of his real estate development firm, Heartland Development Group. The filing listed assets between $1 and $10 million and liabilities between $50 and $100 million. In addition, the filing included an 80 page list of creditors.
Patch stated, “We felt the downturn in the real estate market in the fall of 2006. Condos have been hit especially hard. No one could have predicted a four-year collapse of the market”. From 2006, sales of Heartland’s condominiums dropped from 200 a year to 20 a year.
If you or someone you know is considering filing for Chapter 7 bankruptcy, contact the Milwaukee Chapter 7 bankruptcy attorneys of DeLadurantey Law Office, LLC at 414-377-0518 to learn more about your rights.