Saturday, June 06, 2015
David Wallace given deadline to take personal financial management class
U. S. District Bankruptcy Court for the Southern District of Texas records show that a judge has ordered Wallace to complete "an approved instructional course covering personal financial management" by June 22.
Wallace also has had to go through credit counseling.
The former Joplin master developer filed for Chapter 7 bankruptcy in March a couple of months after he had resigned from Wallace-Bajjali Development Partners and all of its related companies, as a court-appointed receiver was taking steps to force Wallace and his former partner, Costa Bajjali, to repay $1.5 million they owe to cheated investors in the BizRadio scheme.
In bankruptcy documents, Wallace claims he has $11.5 million in debt, including $4.5 million of the $5 million he borowed from Prime, Inc., a Springfield firm to jumpstart Wallace-Bajjali's work in Joplin.