In these tough economic times even those with money to spare can find themselves in unmanageable debt. Once an entrepreneur who dabbled in several different industries and the man behind Sky Sotheby International Realty, Chad Roffers is now seeking Chapter 7 bankruptcy to resolve his overwhelming debt liabilities.
The majority of Florida bankruptcy cases in recent years are attributable to wavering local economies and a sinking housing market. After the foreclosure crisis left a wake of devastation, Roffers found his brokerage company another victim to a struggling industry. When Sky Sotheby went under in 2008 due to mounting debt burdens, Roffers left Florida to pursue other interests.
Now pursuing Chapter 7 bankruptcy, Roffers reports close to $13.9 million in debts, with only $187,522 in assets. Leaving behind once valuable land and a property now worth have of its purchase price, many of his assets may be used to satisfy debts. Although not always the preferred option, Chapter 7 may allow him discharge most of his eligible debt and give him a fresh start for the future.