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Florida YMCA Chapter 11 bankruptcy: A lesson for others May 26, 2014

The North Central Florida YMCA recently emerged from a Chapter 11 bankruptcy victorious. With membership up, positive cash flow through all five departments and Wells Fargo agreeing to modify $3.6 million worth of loans, CEO John Bonacci said after all the hard work that was put in the Y is definitely celebrating this financial victory. In looking at what happened,…

Foreclosures in Florida rise in October May 26, 2014

After several months of declining, the number of Florida homes in foreclosure rose in October. Of the nation’s top 20 metro areas, two Florida cities, Tampa and Miami, shared the distinction of being the cities recording the highest rate of foreclosure. In Tampa one out of every 302 housing units had a foreclosure filing. The rise in foreclosures is a…

Bankruptcy may be solution for financially overextended consumers May 26, 2014

This time of year it is not uncommon for individuals throughout the nation, including the state of Florida, to spend a lot of money on holiday related gifts and celebrations. Generally this period extends from Thanksgiving to the first of the year. In some cases, people plan ahead for this expensive time of year by saving and creating a budget….

Florida business seeks debt relief via Chapter 11 bankruptcy May 26, 2014

When a Florida business finds that it is facing great debt, it has several options regarding how to proceed. One of those options is to file for bankruptcy under Chapter 11. Often referred to as “reorganization,” under this type of bankruptcy the petitioner can create a debt restructuring plan to deal with its debt. That plan usually contains specifics regarding…

Holding off on filing for bankruptcy for one of these reasons? May 20, 2014

There are many myths that exist regarding consumer bankruptcy. Unfortunately this means that some residents of Florida who are struggling financially may resist filing for Chapter 7 or Chapter 13 bankruptcy. In this post we will look at several of those myths and truth behind them. The first myth is that when one files for bankruptcy, they will lose large…

Could filing for bankruptcy allow you to keep your Home? May 20, 2014

Residents of the state of Florida are likely well aware of the role the state has played in the nation’s foreclosure crisis. As the real estate market has improved throughout the country, the state of Florida has seen improvement as well. This is illustrated, at least in part, by the reduction in foreclosures the state is experiencing. Over the course…