A Miami developer has been unsuccessful in his attempts to stop foreclosure proceedings on two condominium developments through Chapter 7 filings. While a Chapter 7 bankruptcy usually stops any legal proceedings against the owner of property, in this case the judge granted a motion to allow the creditors to pursue foreclosure against the developer.
The two properties in question are a 0.56-acre site located at 30 S.E. Eight Street and 830 S.E. First Avenue as well as a vacant lot at 18 S.E. 8th Street. The developer is said to have lost more than $18 million on the two properties, which contain only an empty, 50-year-old office building. The planned development would have included a 38-story condominium structure with 228 units.
Another property owned by the developer is located on Coral Way and contains a building that includes 168 apartments, six town homes and a space for retail shops on the ground floor. This building was never completed and is presently sitting empty. The investor chose not to hire a bankruptcy attorney or to file financial information. This may, in part, have led to the judge’s decision, along with the incomplete status of the properties.
A bankruptcy attorney may represent an individual or business owner who finds that he or she cannot meet financial obligations. A Chapter 7 bankruptcy filing may protect the individual from legal actions by creditors and give him or her a fresh financial start. A Chapter 13 or Chapter 11 bankruptcy may help individuals and businesses who want to reorganize their debt structure to find a more manageable payment plan. A bankruptcy attorney may be able to explain the difference between bankruptcy filings and assist those who are considering bankruptcy in choosing the right type of filing.
Source: South Florida Business Journal, “Bankruptcy judge rejects Renzi’s efforts to stop foreclosures on Miami condo projects“, Brian Bandell, May 21, 2013