Less than three months after trying to get his commercial real estate business back on track, Randy Walters, a housing developer in Des Moines, Iowa, has filed for personal bankruptcy, the Des Moines Register reports.
According to the news source, Walters filed for Chapter 7 Bankruptcy, in which he will liquidate his debt with an estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The bankruptcy petition also included more than 100 creditors, which included 37 banks and lenders.
Walters tried to have his company reorganized under chapter 11 bankruptcy in April, but his case was dismissed by Bankruptcy Judge Lee Jackwig after one of Walter's lenders objected, claiming the company had paid $500,000 to cover property taxes that Walters could not pay, the news source stated.
The media outlet said there were no detailed accounts of Walter's finances or debts in the filing.
According to the American Bankruptcy Institute, filings for personal bankruptcy from January to June of 2011 have dropped 8 percent from the same period one year ago, from 770,117 filings to 709,303.