The Collapse of the Housing Market Pushed a Condo Developer to Bankruptcy
Tap to Call - (877) 250-8242

Milwaukee Condo Developer Files for Chapter 7 Bankruptcy


October 11, 2010

Share this article


Milwaukee condo developer files for Chapter 7 bankruptcy

A Milwaukee-area developer recently filed for Chapter 7 bankruptcy, claiming liabilities of $50 million to $100 million with only $1 million to $10 million in assets.

According to the Milwaukee Journal-Sentinel, Robert Patch, who operates Heartland Development Group, ran into financial difficulties regarding condominium and office projects in Wisconsin.

Patch said that the collapse of the housing market forced him to file Chapter 7 bankruptcy, which sees the liquidation of the debtor's non-exempt assets to partially pay creditors, leaving the filer absolved of most unsecured debt.

"We felt the downturn in the real estate market in the fall of 2006. Condos have been hit especially hard," he said in a statement. "We went from selling 200 units per year to less than 20. No one could have predicted a four-year collapse of the market. This has been a very humbling experience for me and my family."

Patch's bankruptcy petition lists hundreds of creditor, including a large number of contractors connected to Heartland Development Group projects.

Patch and his developments have faced a number of multimillion foreclosure lawsuits over the past few months, reports the news source.

Back to Newspaper Home

Tap to Call - (877) 250-8242

Copyright © 2018 MH Sub I, LLC. All rights reserved. ® Self-help services may not be permitted in all states. 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 will be formed by use of the site. The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state.Your use of this website constitutes acceptance of the "Terms & Conditions", "Supplemental Terms", "Privacy Policy" and "Cookie Policy."