Understanding the benefits and risks of owning a business is something Florida residents who do so likely are all too familiar with. As good as the intentions may be, there are some times when the need for bankruptcy protection comes up for business owners, however. One company that Florida residents have likely heard of is the gaming company Atari Inc. What they may not have gotten wind of, though, is that even this company is affected by the strains and whims of the economy.
One of the nation's largest home loan servicers is seeing a decline in the number of delinquent payments by homeowners in South Florida. In less than a year, those homeowners that were at least 60 days late dropped by a third, according to a spokesperson for Bank of America. The numbers show the decline from 30,000 late homeowners in June of last year to 19,000 this month. According to a federal report from the U.S. Department of Housing and Urban Development, this is a national trend as well.
With a record number of home owners facing financial hardship and foreclosures on their homes, including many in the Orlando area, many people are looking for alternative ways to pay and lessen their burden. A pilot program for mortgage modification started last year in the Orlando area and not people across the nation are taking note.
Naples Bay Resort, a four-star Florida hotel, is reportedly facing an unwanted Chapter 7 bankruptcy. An involuntary bankruptcy petition has been filed by its creditors, and a temporary trustee has been appointed. A final decision as to whether the involuntary bankruptcy will proceed will be made shortly.
Back on November 5th, we discussed how creditors have begun to use Facebook to keep track of and contact debtors. Today, we are going to talk about how this very issue will soon be addressed by Florida courts.