As in most other states, the real estate market in Louisiana has its ups and downs. For commercial property owners, this can sometimes cause financial crises that are difficult to resolve. In fact, some real estate investors, such as the developer of a planned luxury condominium complex in another state, wind up seeking immediate debt relief, such as Chapter 7 bankruptcy, when they can’t get things back on track.
The developer says he currently owes approximately $6 million to various creditors. After financial problems arose, he surrendered his property to the lender in order to satisfy the multimillion dollar loan and avoid foreclosure. He has also filed for Chapter 7 bankruptcy to help alleviate debt for liabilities that exceed $5 million.
The former property owner lists his largest asset as his personal family home, which is valued at more than $600,000. He also says that while he is currently unemployed, he hopes to obtain gainful employment soon. He reportedly is a co-owner in several limited liability companies as well.
Many people mistakenly view Chapter 7 bankruptcy as a sign of financial failure. In fact, filing for this type of debt relief is often a strategic move that helps resolve immediate financial problems. It can also help lay the groundwork for a stronger, more stable financial future. Louisiana residents wishing to discuss particular financial issues regarding real estate development or personal homes may request meetings with experienced debt relief attorneys. There are often several debt relief options available, and an experienced attorney can help determine which alternative best fits a particular need.