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Bankruptcy Archives

Casino seeks bankruptcy protection

A gambling company that focuses on jai-alai and casinos is filing for bankruptcy as they can't comply with sale terms necessary to close the deal. Florida Gaming needs $114 million to sell itself to another company. However, the price of the sale to Silver Entertainment totaled $115 million, which includes debt of $87 million from ABC Funding. While the company had been prospering and earned a profit of $4 million during the second quarter, they needed to make a payment ABC Funding part of the potential sale, which translated into a $22 million loss. However, casino earnings totaled $19 million.

How often can bankruptcy be filed?

It can be difficult for some Florida residents to bounce back from bankruptcy. There are many things that can happen to put a person in financial distress. Unemployment or underemployment can reduce available funds to pay bills. Children can have unanticipated expenses. The combination of external factors may lead to an overwhelming amount of credit card debt. When continuing financial difficulties make it difficult to recover, a person might wonder how much time must pass before it is acceptable to file for another bankruptcy.

Credit unions and bankruptcy

Florida residents often take advantage of the multiple services and benefits offered by banking with a credit union. However, if someone has an account with a credit union, especially if they have loans with the credit union, it can be tricky if that individual files for bankruptcy. While someone can often do business with a bank or creditor later down the road after filing for bankruptcy, this is often not an option with a credit union.

Belle Foods bankruptcy may lead to warehouse closure

On July 1, Belle Foods, LLC, which operates 57 grocery stores in Florida and other states, filed for bankruptcy. The privately-held companies operate under the names of Belle Foods, Piggly Wiggly and Food World. In the Chapter 11 filing, Belle Foods listed C&S Wholesale Grocers as a creditor, claiming that it owes approximately $900,000 for pension liability withdrawals and approximately $5.1 million in unpaid accounts. The company's total assets were not mentioned.

Retirement community in World Golf Village files for bankruptcy

On July 3, the not-for-profit organization operating Glenmoor retirement community filed for Chapter 11 bankruptcy. Glenmoor is located in the World Golf Village, which is in St. Johns County and operated by Life Care St. Johns Inc. The retirement community includes 70 apartment homes, 32 patio homes, 31 estate homes, 11 small cottages, a health center with 30 nursing beds and an assisted living center containing 15 suites. There are approximately 247 residents.

Divorcing Floridians may have to file bankruptcy before divorce

Florida individuals who plan to get a divorce from their spouse may have to seek bankruptcy protection first. One woman plans to divorce her husband but is worried that she may face future debts. For instance, she pays the mortgage. He doesn't. She plans to move out. He plans to let the house go into foreclosure while he continues to reside there because he can't pay the mortgage. She questioned if she would have file for bankruptcy before filing a divorce petition.

Supermarket chain files for Chapter 11 bankruptcy

A supermarket chain with stores in Florida and several other southern states filed for Chapter 11 bankruptcy on July 1. Grocery retailer Belle Foods cited slow sales and problems with creditors as the reasons why it is seeking bankruptcy protection only one year after the company was formed. One such creditor is C&S Wholesale Groceries. In 2012, the newly-formed Belle Foods purchased the supplier's corporate stores, the former Southern Family food stores. That purchase of 57 stores provided the foundation for the Belle Foods chain.

Biggest reason Floridians seek bankruptcy relief: medical bills

Medical bills are expected to force 1.7 million Americans in Florida and around the country into personal bankruptcy, according to NerdWallet Health. Health expenses are becoming the biggest cause of personal bankruptcy which is outpacing other reasons, such as unpaid mortgage and credit card bills. According to the NerdWallet health vice president, medical bills can overwhelm a family when a sudden illness happens.

Bankruptcy and protected assets

When Florida residents are trying to deal with large amounts of debt, there are several debt relief options that are available to them. If someone is not making enough money to be able to realistically pay back what they owe, they may consider filing for bankruptcy. The benefits of bankruptcy are that people's unsecured debts can be mostly or completely wiped out. In many cases, individuals are not required to pay anything else to creditors after filing.

ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
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