Florida Association Driven To Bankruptcy

An association in Florida was forced to file a Chapter 11 Bankruptcy in order to stave off creditors after the majority of its members became delinquent.

Beyond becoming victim to a highly volatile real estate market, the association had offered free cable to its residents as a perk for buying into the townhome development. This proved to be a good incentive until foreclosures were filed on several units in the development.

However, the cable bill quickly grew to six figures, which the association could not afford to pay. The association had no other choice but to file for bankrupcty because there was little money coming in, certainly not sufficient to pay the delinquent bills.

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