There are many private resort clubs in Connecticut. Depending on various factors, such clubs may enjoy high levels of profitably or may be financially struggling to stay afloat at any given time. Club members of a private ski resort in another New England state can relate to the latter, as they are currently hoping a quick sale of their resort will help them avoid asset forfeiture.
The club’s lender will be allowed to continue a foreclosure on the property if funds are not generated through a sale of the resort. Members say they are hoping things go smoothly so the club can reopen by winter. A judge has ordered a trustee to be appointed to oversee the sales process.
Some people hesitate to file for bankruptcy or request a short sale because they worry that doing so will ruin their credit. However, filing for bankruptcy does not necessarily mean the end of financial stability. In fact, it is often a valuable tool that can help resolve debt and lay the groundwork for a stronger financial future.
There are numerous types of bankruptcy. The process can sometimes halt foreclosure and help property owners avoid asset forfeiture. Some types of bankruptcy allow for reorganization of payments so debt continues to go down while homeowners or business owners retain ownership of their assets. It can be challenging to determine which type of bankruptcy best fits a particular need, which is why most Connecticut property owners turn to experienced bankruptcy attorneys for guidance and support.