By: Meaghan Olson
November 18, 2010
Robert Watring, the developer for the Virginia Towers condo complex in Kenosha, Wisconsin, has recently filed for personal bankruptcy under Chapter 13 of the bankruptcy code.
According to the Milwaukee Journal-Sentinel, Watring lists assets of $10.8 million and liabilities of $10.5 million in his personal bankruptcy filing. The most valuable asset on the filing is reportedly the Virginia Towers property, which opened in 2008 when the demand for condos and real estate began to drop.
The condominium complex is valued at $9 million, and is the subject of a $7 million claim held by BayTree National Bank & Trust Co. BayTree reportedly foreclosed on the property in 2009, and an auction of the towers is scheduled for later in the year.
Watring's bankruptcy attorney said that Watring's personal bankruptcy will not affect the sale of the Virginia Towers.
Chapter 13 bankruptcy can be an option for individuals with a stable income, and typically involves the creation of a payment plan under which debtors repay their creditors over time.