Scott Jordan, who has owned several businesses as well as being a Black Hawk County supervisor, has filed for Chapter 13 bankruptcy in U.S. Bankruptcy Court in Iowa’s northern district, claiming approximately $10 million in debt. The bankruptcy names Lincoln Savings Bank, with a $6.7 million claim, as Jordan’s largest creditor.

The filing, writes Jeff Reinitz for www.wcfcourier.com (Cedar Valley Business), allegedly occurred at the same time that Jordan faced a number of civil lawsuits in conjunction with debt connected with Scott’s Electric as well as other residential and commercial rental properties he owns and/or operates.

Jordan states that his financial woes followed the 2008 record floods in Iowa. Floodwaters swamped his electrical contracting business in Waterloo as well as at least one of his apartment buildings, which he has been unable to get repaired. He said that he thought he would be able to obtain a low-interest loan from the U.S. Small Business Administration that would allow him to regain his financial footing. However, the SBA loan has not come through, three years following the deluge.

According to Jordan and court documents and reported in the same article, he is facing the following lawsuits and financial entanglements:

• Scott’s Electric went from 53 employees in 2008 to six in 2011.

• Properties owned by Jordan’s Heartland Holdings were put under the supervision of a receiver as part of lawsuits brought by Lincoln Savings Bank, which stems from three loans totaling over $5 million.

• Crescent Electric Supply, a Scott’s Electric vendor of 25 years, has a $500,000 judgment for unpaid bills. Jordan’s attempt for negotiated payments of $5,000 a month in January was rebuffed by Crescent, which stated that the amount was insufficient, and attempted to garnish one of his bank accounts. In court records, an attorney apparently representing Scott’s Electric tried to stop it, claiming the move raided money designated for employee wages and health insurance.

• Community National Bank seeks $400,000 from Jordan for another loan that had to be renegotiated.

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