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More Clubs File for Bankruptcy as Refundable Membership Deposit Structures Nosedive

As refundable membership deposit structure has tumbled in popularity, many membership deposit clubs find themselves filing for bankruptcy in an effort to restructure their liabilities. Before the economic downturn, refundable membership deposit structures were the preferred method of financing for clubs. A club would charge a membership deposit to join the club, which would be repaid in thirty years or after the member’s resignation from the club or death. In order for the structure to work, new members would have to join so that resigning members could receive their repayments. However, as resigning members began to outnumber new members, many outgoing members had to wait longer for their refunds. In 2007, membership market prices fell further, affecting the market for club properties.

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Categories: Bankruptcy & Creditors’ Rights
Tags: Chapter 7 BankruptcyChapter 11 BankruptcyJoshua D. KrutAleida Martinez MolinaChapter 13 BankruptcyFort Lauderdale Bankruptcy AttorneysMiami Bankruptcy AttorneysSouth Florida Bankruptcy AttorneysChapter 9 Bankruptcy
Author(s): Brooke P. Dolara

Government Officials Reach $26 Billion Settlement with Major Banks to Bring Relief to Homeowners

Federal and state officials have reached a $26 billion foreclosure settlement with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial, five of the nation’s largest banks. The settlement is the largest deal reached to alleviate the damage caused by the housing market crash, and could provide relief to nearly two million current and former homeowners affected by the crash.

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Categories: LitigationClass ActionsAlternative Dispute Resolution
Tags: CollectionsChapter 7 BankruptcyChapter 11 BankruptcyJamie A. ColeEdward G. GuedesMichael S. PopokJoseph H. SerotaDamagesFort Lauderdale Business Litigation AttorneysFort Lauderdale Business Litigation LawyersMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerSouth Florida Business Dispute Litigation AttorneysSouth Florida Business Dispute Litigation LawyersSouth Florida Private Transactions AttorneysSouth Florida Private Transactions LawyersFort Lauderdale Private Transactions AttorneysMiami Private Transactions AttorneysMatthew H. MandelFort Lauderdale Real Estate AttorneysMiami Real Estate AttorneysSouth Florida Real Estate AttorneysFort Lauderdale LitigatorsMiami LitigatorsSouth Florida LitigatorsAlternative Dispute Resolution
Author(s): Brooke P. Dolara

Junior Lenders Covered - "Stripping" Not Allowed in South Florida

Junior lenders can breathe a sigh of relief in the Bankruptcy Courts of the Southern District of Florida. The three judges of the Miami division have issued a memorandum opinion on the inability of chapter 13 debtors to "strip" liens when they are ineligible for a discharge. See In re Gerardin, 447 B.R. 342 (Bankr. S.D. Fla. 2011).

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Categories: Bankruptcy & Creditors’ Rights
Tags: Chapter 7 BankruptcyAleida Martinez MolinaChapter 13 BankruptcyFort Lauderdale Business Litigation AttorneysFort Lauderdale Business Litigation LawyersMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerSouth Florida Business Dispute Litigation AttorneysSouth Florida Business Dispute Litigation LawyersFort Lauderdale Commercial Real Estate AttorneysMiami Commercial Real Estate AttorneysSouth Florida Commercial Real Estate AttorneysFort Lauderdale LitigatorsMiami LitigatorsSouth Florida LitigatorsFlorida Litigation AttorneysMiami Litigation Attorney
Author(s): Aleida Martínez Molina

Condo Owner Files Bankruptcy...Collection Efforts End? Not Necessarily...

Most well-informed Florida condominium and homeowners' association boards know that the filing of a petition in bankruptcy court by a unit owner halts direct collection efforts. What most boards do not understand, however, is that the mere filing of a Chapter 7 or Chapter 11 petition does not discharge that debtor's post-bankruptcy filing obligations to the association – even when the debtor "surrenders" the property in the bankruptcy or otherwise moves out of the subject unit.

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Categories: LitigationCondominium AssociationsBankruptcy & Creditors’ RightsHomeowners' Associations
Tags: Automatic StayCollectionsChapter 7 BankruptcyChapter 11 BankruptcyCondos and HOAsJoshua D. KrutAleida Martinez MolinaFort Lauderdale Business Litigation AttorneysFort Lauderdale Business Litigation LawyersMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerFort Lauderdale Condominium Association AttorneysMiami Condominium Association AttorneysSouth Florida Condominium Association AttorneysFort Lauderdale Homeowners' Association AttorneysMiami Homeowners' Association AttorneysSouth Florida Homeowners' Association AttorneysFort Lauderdale LitigatorsMiami LitigatorsSouth Florida LitigatorsFlorida Commercial Litigation LawyerFlorida Litigation AttorneysFort Lauderdale Civil Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysMiami Commercial Litigation AttorneyMiami Litigation Attorney
Author(s): Aleida Martínez Molina