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September 2013 Archives

Retirement community owner files bankruptcy

The owner of a Florida assisted-living facility filed for Chapter 11 bankruptcy protection with a restructuring plan based on a deal that would give lenders an ownership stake in exchange for the debt. Devonshire PGA Holdings LLC listed its debt at up to $50 million with assets of less than $50,000 in its filing for debt relief.

Florida green tech drivers lose supplier to Chapter 11 bankruptcy

Florida owners of rechargeable electric vehicles won't be using charging stations made by the recipient of a nearly $100 million grant from the U.S. government. Ecotality Inc filed for Chapter 11 bankruptcy, the latest industry casualty from the public's general lack of interest in electric cars. The San Francisco-based maker of recharging stations for the vehicles, along with five of its affiliates, announced it would be auctioning off its assets one month after the filing and asked the court that it be allowed to pay its employees and vendors.

Florida's foreclosure rate overtaken by Nevada's

The foreclosure rate in Florida is slowing, and for the first time in three months Florida has fallen from the top spot in the list of states with the most foreclosures. Nevada now has the dubious honor of most foreclosure proceedings in America, and the situation in Florida has begun to improve dramatically.

FTC ends two debt relief scams

The FTC has successfully shut down two debt relief services, one of which was operated by two Florida men. Both operations are unrelated but used the tactic of cold-calling individuals and offering to lower their credit card payments and rates. The fee for their fraudulent debt relief was as high as $1,200.

District judge denies major mortgage class action lawsuit

Pennsylvania homeowners who thought that they might get some relief from their foreclosure troubles may be disappointed following news of a recent lawsuit that was prohibited by a judge. The lawsuit alleged that Bank of America Corp went back on its obligations to assist homeowners who needed mortgage modifications and that many of the homeowners were foreclosed on as a result. The U.S. District Court judge hearing the case argued that the claims varied too much for inclusion in a nationwide class action suit.

Embattled Florida brain hospital emerges from bankruptcy

The Florida Institute for Neurologic Rehabilitation filed for bankruptcy, and a judge has approved its reorganization plan because of the hospital's reports that it improved its cash flow. The bankruptcy was filed after reports that the facility was in debt ranging from $3 million to $30 million owed to between 103 and 346 creditors. A spokesperson for the medical company said that a rash of negative media reports about alleged patient mistreatment led to a major decline in revenue.

Orlando healthcare company to emerge from Chapter 11 bankruptcy

The Orlando-based healthcare tech company Rotech saw its debt restructuring plan approved by a federal judge. That court action allowed Rotech Healthcare Inc. to emerge from Chapter 11 bankruptcy reorganization, according to the company. Additionally, the judge approved $358 million in financing, which the company expects to close in on in September, thus ending its time in bankruptcy.

The road to bankruptcy recovery

Individuals in Florida filing for bankruptcy may feel alone. However, records from the American Bankruptcy Institute indicate that the number of consumer bankruptcy filings in July were more than 87,000. Even knowing that it's not uncommon does not make the process any less stressful, and it's important to know what to do to keep it from happening again.

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