Creditors Forcing Company into Chapter 7

A real estate developer in Florida may be forced to file for Chapter 7 bankruptcy if the company's creditors get their way.

When a company has serious debts, its creditors can file a motion to force it to go into bankruptcy. This allows the creditors to obtain their money by forcing the company to sell of its assets. Yet as expected, the real estate developer is not taking this lightly. Its lawyers told a judge this month that it is seeking new financing for a resort project that it is undertaking in Naples Bay.

Last week, attorneys for both sides met at an emergency hearing regarding the bankruptcy filing. While the two argued for three hours over a resolution, it is still uncertain whether the bankruptcy petition will go into effect. The judge overhearing the case has the final say in whether the creditors will win or the developer will be given extra time to search for additional capital.

Planning to pursue Chapter 7? Contact a Chicago Chapter 7 attorney from our law office to get the legal representation you need to get through the bankruptcy process. Our Chicago bankruptcy lawyers have been helping clients for years and can be of great assistance to you.