Under Federal Law, You have the right under federal law to file for bankruptcy relief from your creditors. Bankruptcy is a legal proceeding in which a person can get a fresh financial start. Bankruptcy can be very useful and effective in resolving financial problems in certain cases. However, it is not the answer to all financial problems or the right step for everyone. Also, it can be very important to choose the right time to file for bankruptcy relief.
With Hampton Lake LLC has just waived the white flag and announced that it is the right time! Hampton Lake LLC, the parent company of the 900-acre Hampton Lake development in Bluffton, has filed for Chapter 11 bankruptcy.
The April 29 filing lists more than $48.4 million in liabilities, including millions owed to investors who paid between $200,000 and $809,000 in 2005 and 2006 to launch the project.The company also lists $23.3 million in assets, including about $520,000 in cash and investments and the value of 235 unsold lots in the community off Bluffton Parkway.
Company spokeswoman Maria Aselage said "filing was a response to lawsuits filed by two of those initial investors, identified in the filing as Joshua Tillman and Caravel Properties in Nashville, Tenn., and Jon Morris of Bluffton."
Aselage said the company's employees won't be affected by the bankruptcy declaration.
Read more here: islandpacket.com