How the Mighty Have Fallen
Dateline: Iowa, October 2009 - Iowa’s once premier homebuilder has filed for personal bankruptcy. James Myers’ Regency Homes failed more than a year ago, leaving hundreds of homeowners, real estate agents, contractors and subcontractors suffering from proverbial 3rd-degree burns. Since Myers’ bankruptcy case lists assets of just over $1 million with liabilities of more than $183 million, those creditors are sure to be closely examining Mr. Myers’ ledgers. Although many believe that his list of assets is understated and liabilities overstated, that leaves a mighty big chasm to leap.
(Click on the provided link for more information on the mechanisms of personal bankruptcy).
Making this filing of personal bankruptcy even more intriguing is the fact that Myers is posting garage sale prices for various household items. For example: $300 for a four-year-old, 52-inch LCD-TV, $200 for a Jenn-Air refrigerator and $75 for a set of golf clubs. He also placed a value of $7,000 for his 2006 Chevrolet Silverado 2500 truck, approximately half of the Kelley Blue Book value. Countering this, he has valued his home at $500,000, while the county assessor values it at about $377,000.
According to the Des Moines Register article, some of Mr. Meyers’ competitors feel that “he got into trouble as a real estate developer because he paid too much for property he wanted to develop.” He has been returning land and incomplete developments to lenders in an attempt to ease some of his enormous debt.
Are you facing a serious financial burden as well? Filing a personal bankruptcy may be the best option to clear away that debt. Speak with an experienced and compassionate bankruptcy lawyer by calling a Legal Helpers attorney today at 800-260-1402.
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