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Many facing financial difficulties may feel that they are alone in it. This of course is not true. Each day, people from a variety of backgrounds find themselves in that same situation. For some, the best option for debt relief is to file for Chapter 7 bankruptcy.

This was the conclusion a commercial real estate broker from Florida arrived at this past February. The man indicated that the collapse of the South Florida real estate market was to blame. In his bankruptcy petition he indicated that in addition to $3.2 million in debt that was specific, he also listed an amount that is unknown.

The Florida man had a career in commercial real estate for some time but had decided to try his hand at property development. As a result of the poor real estate market several of the projects on which the man was working were foreclosed upon. Included in those buildings residential condos located at Keystone in Coconut Grove, Miami Green Tower I and a building located of U.S. 1 at 2900 S.W. 28th Terrace.

In a Chapter 7 bankruptcy the debtor’s assets are liquidated and the proceeds disbursed to creditors. Certain remaining debts are then discharged. There are other benefits to filing for Chapter 7 bankruptcy including stopping lawsuits and collection actions that are in progress.

Anyone in Miami who is facing financial hardship should be aware that they may have options for debt relief. Because each person’s situation is different, it is important to contact a bankruptcy attorney who can provide a debtor with the best options.

Source: South Florida Business Journal, “Broker William Holly files Chapter 7 bankruptcy,” Paul Brinkmann, March 1, 2012