Senator Leads Budget Committee Post Bankruptcy

Posted on December 12, 2012 at 5:15pm by

TOPEKA – Republican leaders in the Senate unveiled a new roster of committee leaders Tuesday that reflects the chamber’s more conservative leanings.

Among the appointments is Sen. Ty Masterson, an Andover Republican, who is the new chair of the powerful Ways and Means Committee that handles the state budget. Masterson has worked on budget committees for several years.

He filed for Chapter 7 personal bankruptcy in 2010, following the failure of his business, Masterbuilt Homes, in 2006. The senator has said his financial troubles started with an employee who mismanaged projects and made unauthorized charges. His bankruptcy filing showed he owed Corner Bank $209,000 and Emprise Bank $53,890 in commercial loans. He also listed more than $160,000 in revolving credit card debt.

State records show MasterBuilt Homes has closed and Masterson now heads Advanced Technology Development Group, LLC; Springboard, LLC; and LED Solutions, LLC.

Masterson said the bankruptcy case has been fully discharged from the courts, but he is still working with two banks and two vendors to repay debts even though the payments weren’t required by the court.

“It’s just what I believe is the right thing to do in the end,” he said.