WICHITA _ A northeast Wichita landlord has filed for bankruptcy reorganization, dragged down by the economy and high tenant turnover.
Jon Schupbach's Schupbach Investments filed for Chapter 11 bankruptcy protection Monday in U.S. Bankruptcy Court in Wichita, listing $4.65 million in assets and almost $5.3 million in liabilities.
Schupbach said his current portfolio includes about 200 housing units on about 160 properties, including single- and multi-family. That's too many, he said, to remain economically viable in an economic downturn.
"The difficult decision was to reorganize, which will allow us to shed the problematic properties and keep the properties that will sustain us for the future and make us able to provide a good, clean habitable house for the community," he said.
Premium content for only $0.99
For the most comprehensive local coverage, subscribe today.