June 15, 2011

Batch Bankruptcy Discharge

Posted in Bankruptcy tagged , at 11:29 pm by demetriagraves

Pittsburgh Steelers veteran quarterback Charlie Batch gets to hold onto his Super Bowl rings and many other assets as well as his home in a favorable bankruptcy ruling that discharged many of his debts.The measure forgives him from most debts incurred before his December bankruptcy though it doesn’t wipe out mortgage or car loan obligations.

Mr. Batch’s Chapter 7 bankruptcy petition listed $2.3 million in assets, including his pension plan, versus $8.3 million in debts. He is keeping most of his assets, including his Franklin Park house and his Super Bowl rings, but is allowing a townhouse in Novi, Mich., to go to foreclosure.

Most of the debts were incurred in business ventures, including Batch Development Co., Kings Bakery LLC, and Courtland Place LLC. The lenders will still have liens on the properties those firms own, but they won’t be enforceable on Mr. Batch.
Mr. Batch reported $718,000 in earnings in 2010, and noted that his 2011 earnings depend on labor negotiations between players and the National Football League.
The discharge was issued by U.S. Bankruptcy Judge Jeffery A. Deller.
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