Developer files for bankruptcy protection 

Developer David Walters has filed to liquidate assets under federal bankruptcy laws, citing assets of $100,000 to $500,000 and liabilities of $10 million to $50 million owed to up to 49 creditors, including 11 banks. The Chapter 7 bankruptcy was filed Nov. 26 in the U.S. Bankruptcy Court for the Southern District of Iowa in Des Moines. An attorney for Bank of the West said in a document filed today that Walters’ bankruptcy petition was filed on the eve of a hearing in Polk County District Court to determine whether the bank has a right to claim Walters’ home in Pleasant Hill. The property also was the center of a dispute in the bankruptcy filing last year of Walters’ spouse, Jody. In that case, a judge ruled that the property could not be protected from creditors under a homestead exemption.

 

Developer David Walters has filed to liquidate assets under federal bankruptcy laws, citing assets of $100,000 to $500,000 and liabilities of $10 million to $50 million owed to up to 49 creditors, including 11 banks. The Chapter 7 bankruptcy was filed Nov. 26 in the U.S. Bankruptcy Court for the Southern District of Iowa in Des Moines. An attorney for Bank of the West said in a document filed today that Walters’ bankruptcy petition was filed on the eve of a hearing in Polk County District Court to determine whether the bank has a right to claim Walters’ home in Pleasant Hill. The property also was the center of a dispute in the bankruptcy filing last year of Walters’ spouse, Jody. In that case, a judge ruled that the property could not be protected from creditors under a homestead exemption.