Real Estate Developer Robert Watring Files Chapter 13 Bankruptcy
Tap to Call - (877) 250-8242

Wisconsin real estate developer files bankruptcy

By:

November 18, 2010

Share this article

SHARE

Wisconsin real estate developer files bankruptcy

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.


Back to Newspaper Home


Tap to Call - (877) 250-8242

Disclaimer: The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or should be formed by use of the site. The attorney listings on the site are paid attorney advertisements. Your access of/to and use of this site is subject to additional Supplemental Terms.