The Bangor Daily News reported that two inns in Maine, the Camden Harbour Inn and the Danforth Inn are in foreclosure proceedings.
Once a case goes through the foreclosure process, the final step is to list the property for sale at an auction. In this case, the business owners of the inn are filing for bankruptcy in order to stop the sale of the home.
When a bankruptcy case is filed, automatically, all other legal proceedings must cease, thus, buying you the homeowner or business owner in this case, more time. This is a legal strategy commonly employed by bankruptcy attorneys, especially when a house in foreclosure is close to being sold and more time is needed to complete the closing, or for personal reasons, such as the homeowner needs additional time to find other suitable property.
Alexander Hernandez, Esq.
Alexander Hernandez is a bankruptcy attorney practicing in Jacksonville and the surrounding areas and Miami, Florida.