Many brick-and-mortar malls in Florida and across the country have been struggling to stay afloat in recent years as online shopping continues to increase in popularity. The absence of consumers from name brand stores, such as J.C. Penney and Sears, have led to many corporate shutdowns. In fact, J.C. Penney was one of two anchor stores in a particular mall in another state that went out of business, thus sparking financial problems for the owners of the mall plaza. The situation led to lenders pursuing foreclosure proceedings.
There have reportedly been several sheriff’s sales scheduled for the mall, all of which were postponed for one reason or another. Now, it seems that the mall owners have rectified the problem by halting the foreclosure altogether. In similar situations, property owners often cease the foreclosure process by filing for certain types of bankruptcy.
In this case, however, the owners were able to arrange a mortgage transfer to a company that is known for helping businesses in financial distress. Debt transfer programs can sometimes be disastrous, so it pays to thoroughly research a prospective company ahead of time to learn more about its track record. Regarding bankruptcy, there are several kinds, each including eligibility requirements that must be fulfilled.
Some bankruptcy programs are geared toward business owners. If a Florida business owner is worried about foreclosure, he or she may wish to consult with an attorney who is experienced in the debt relief laws of this state. What works for one company may not even be an option for another, which is why it is always a good idea to seek licensed counsel and support for help to determine a best course of action in a particular set of circumstances.