This story has cheesy college movie written all over it: frat house is behind on the bills and looking for a way to save their beloved home before the bank comes to claim the land.
But instead of throwing a traditional keg party to raise funds, DePauw University’s Beta Theta Pi chapter filed bankruptcy.
The fraternity filed Chapter 11 bankruptcy to renegotiate their mortgage with the bank and stop foreclosure action on their frat house.
The school’s newspaper reports that the fraternity still owes on a $1 million mortgage for their 1999 house renovations.
This goes to show that the U.S. Bankruptcy Code can be cool, helping out frat boys in need.
Tags: bankruptcy, filing bankruptcy, stop foreclosure
This entry was posted on Wednesday, September 10th, 2008 at 3:06 pm and is filed under Mortgage Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.