When people think about personal bankruptcy, they may think more along the lines of those who have lost their jobs or those who are struggling to get by paycheck to paycheck. The recession and housing crash also took a financial toll on those who built the very houses whose value plummeted after the financial crash. For one Florida resident, filing bankruptcy seems to be the only debt relief to help repair what the crash has cost him and many others.
The Florida man built a number of housing developments in another state. The recession caused a dent in his fortune that has led to a bankruptcy filing to the tune of $72 million. The economic collapse of 2008 is listed as the primary reason for this downward turn of fortune.
The man was a part of a golf community development. He currently lives in a condominium in Florida. A report also list his current worth at just over half a million dollars.
The filing of personal bankruptcy as a means of debt relief has been a solution many people from all walks of life have had to turn to. The economic crisis of the past few years has left many people, including the successful and affluent real estate developers who made a great deal of money during the housing boom, scrambling to compensate for a huge loss of personal wealth. Knowing the facts about personal bankruptcy and what it may mean for future gains or growth or what it may mean for assets is imperative before filing for the court’s protection.
Source: Source: therepublic.com, “High-end real estate developer Marshall Chesrown files for personal bankruptcy,” June 26, 2013