The president of Intracoastal Realty of Wilmington, North Carolina, has recently filed for Chapter 11 personal bankruptcy protection. His personal bankruptcy filing lists assets of $10 million to $50 million and liabilities up to $100 million, according to Star News Online.
Wallace claims that his bankruptcy filing will not affect his business, and was prompted by a bank's request that he pay off a loan in its entirety.
"The actions of that bank affect the timing of the filing more than the fact of the filing," Wallace's bankruptcy attorney added.
Wallace acknowledged that some of his ventures have enjoyed diminished success, partially due to land being devalued.
"What it would be like is to have not just one house but many worth less than what is owed on them. It's a symptom of what has happened in the economy. Maybe he was invested more than most people," Wallace's attorney explained.