“Extreme Makeover: Home Edition” is a TV reality show known for building new homes for individuals who have faced some form of hardship. The actual builders of the new homes gain publicity, notoriety and goodwill as a result of their contributions to families in need.
Many of the builders involved with the show have also endured financial hardships themselves. Two Florida builders that had appeared on the show filed for bankruptcy in 2010. One of those builders was a West Palm Beach Company. That builder filed for bankruptcy in the summer of 2010 after having built a south Florida home for a cancer sufferer several years prior.
More recently, a two-owner builder has now filed for Chapter 7 bankruptcy in Tallahassee. They had also built a Florida home for a family facing a losing battle to brain cancer in 2009. However, only a year after building that home, the builders owe an estimated $3.4 million to more than 100 unsecured creditors, including homeowners, subcontractors and local businesses.
There are many reasons why a small construction company might file for Chapter 7 bankruptcy. Florida builders have been particularly hard hit by the nationwide economic downturn. The outlook for the housing industry in Florida remains bleak.
Bankruptcy can help to improve the lives of those facing financial difficulties such as the builders described above. Chapter 7 bankruptcy is available to help small business owners facing serious financial crises get a fresh start. Chapter 7 offers benefits and protections that other forms of bankruptcy may not and should be examined by those with serious financial troubles.
Source: The Wall Street Journal, “Florida Builder Lands in Bankruptcy After TV Gig,” Rachel Feintzeig, 7 Mar 2011