About Me
“ Craig D. Robins, Esq., has been a practicing Long Island bankruptcy attorney for over twenty-four years ”
Written by Craig D. Robins, Esq.During the real estate boom that ended about two years ago, numerous Long Island consumers gobbled up Florida real estate as an investment. Unfortunately, as we all know, the real estate bubble burst, especially in previously-red-hot real estate markets like South Florida, and almost every one of these investors lost their entire investment and more.
During a time of “build it and they will come,” speculators ran rampant from around the nation, driving up the prices of Florida condominiums to a feverish pitch. Since then, the values of these units have dropped incredibly and many are worth much less than one-half of the original purchase price.
In the past 18 months, our Long Island bankruptcy practice has helped numerous consumers who have suffered extreme losses from these Florida real estate investments, not to mention real estate investments in other previously-hot areas such as Las Vegas.
In every case, the clients purchased the out-of-state real estate with financing, leaving open the possibility of large deficiency judgments from mortgage foreclosure proceedings. When the real estate values plummeted, the owners could not sell and were stuck.
Our bankruptcy firm has filed a number of Chapter 7 bankruptcy cases for these New York residents, enabling the New York consumers to simply walk away, as well as eliminate their existing credit card debt. In every case, our client was successful in discharging their obligations on the investment properties.
For those that have toxic real estate investments, it would be prudent to meet with an experienced bankruptcy attorney to discuss how a bankruptcy filing might offer a successful resolution and opportunity for a fresh new financial start.
