Bella Luna Condominium Association Confirms Its Chapter 11 Bankruptcy Plan

HIALEAH, Fla. - Nov. 17, 2014 - PRLog -- Judge Laurel M. Isicoff confirmed Bella Luna Condominium Association¹s Chapter 11 bankruptcy plan on November 12, 2014.

Bella Luna Condominium Association is a condominium association consisting of 100 units and two buildings. It is located in Hialeah, Florida. The association filed its Chapter 11 bankruptcy on February 21, 2014 because it was on the verge of having its water service shut off by the City of Hialeah and had other pending litigation matters. The association was plagued with expenditures.

The association owed the City of Hialeah $452,928.89; Association Financial Services, Inc. $326,042.96; and unsecured creditors $329,334.77. As a result of the bankruptcy confirmation, the association¹s debt service has been drastically reduced, operating expenses have been reduced and unsecured debt
has been reduced to 15%. The association is looking forward to the future.

Condominium association Chapter 11 bankruptcies are extremely rare. Attorney Richard Robles represented the association. Attorney Paul Arcia represented a group of 11% of the unit owners. Luis Rivera from the accounting firm MRW Consulting Group served as the court appointed accountant for the case. Clemente Delatorre from Tower Management Services served as the court appointed management company.