Filing for bankruptcy can often halt foreclosure process

| Mar 8, 2018 | Foreclosure |

There are often creative solutions available for those in Florida or elsewhere who are seeking immediate debt relief options to help overcome serious financial crises. A business in a western state determined that its most viable option to avoid foreclosure was to file for bankruptcy. The business has functioned as a hotel and casino since 2016.

There are 200 rooms in the hotel portion of the business. One of the issues that some say may have caused the financial problems is that the casino part of the business did not include a poker room. Within a few months after the grand opening, as many as 100 employees lost their jobs.

The main game played at the Lucky Dragon Casino in Las Vegas is baccarat, and winnings throughout the state for this particular casino game are said to have greatly declined. Whether this fact coupled with the absence of a poker room are really the problems that tossed the business’s financial train off its tracks is debatable. The developer of this particular  business chose to file for bankruptcy protection as a means of protecting jobs while finding a way to pay back creditors.

Threat of foreclosure can be quite stressful for many Florida business owners and homeowners alike. The swiftest means for overcoming such obstacles often lies in seeking experienced debt relief guidance. A first logical step to take to explore possible solutions is to request a meeting with an attorney who has successfully helped others obtain favorable debt relief solutions to serious financial problems.

Source: cardplayer.com, “Las Vegas Casino Files For Bankruptcy Ahead Of Foreclosure”, Brian Pempus, Feb. 20, 2018

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