Florida residents may at times find themselves facing difficult financial situations. They are often overwhelmed by debt and struggle to make ends meet each month. Many consider filing for Chapter 7 bankruptcy as a means to regain financial stability in their lives. A former Orlando developer in such a situation recently filed for personal bankruptcy.
The developer, who now claims almost $23 million in liabilities, once rose to success in 2007 when he started buying numerous properties in Orlando. His business acquisitions soon expanded into other areas in Florida, as well as Georgia and Louisiana. He employed 70 people at one time.
The businessman, once known as the king of downtown Orlando, was instrumental in the renovation of an entertainment district and the construction of a large office and condo complex. However, he had formerly filed for bankruptcy for one of the companies in the complex in 2010. During this time period, he had also started a consulting business in addition to his development activities.
Despite his successes, the developer had lost control of some of his properties in a foreclosure and also had a $23 million judgment against him. His attorney stated that a settlement had not been reached and that filing Chapter 7 bankruptcy was a way for his client to put this situation behind him. The current bankruptcy filing notes liabilities such as taxes, domestic support obligations and a judgment from a federal court lawsuit.
Fortunately, most people with financial hardships are not dealing with over $20 million in liabilities. However, their circumstances can be just as overwhelming to them. Filing Chapter 7 bankruptcy may be part of a plan to help them regain control of their financial situation. An experienced attorney can help Florida residents understand their options and provide assistance with the complexities of the bankruptcy process.
Source: orlandosentinel.com, “Orlando developer Kuhn files bankruptcy with $22.8M debts“, Paul Brinkmann, Jan. 11, 2017