Industry NewsTechnology

Foreclosure.com files for bankruptcy

Company says doors will remain open during Chapter 11 reorganization

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

The parent company of Foreclosure.com and a stable of more than 150 other Web sites says its doors will remain open after two lawsuits forced it to file for Chapter 11 bankruptcy protection. Companies filing for Chapter 11 bankruptcy protection typically propose a plan of reorganization to keep their business alive and pay creditors over time. That's the case with FFS DATA Inc.'s Dec. 23, 2009, Chapter 11 bankruptcy petition, said Bradley Shraiberg, the attorney representing the Boca Raton, Fla.-based company. Shraiberg said FFS, which listed $27.51 million in liabilities against $9.08 million in assets, has the cooperation of its primary lender, Fifth Third Bank of Cincinnati, in its reorganization plan. "We are hoping that the filing of this bankruptcy will be seamless, and that users (of Foreclosure.com and other company Web sites) will not notice any change in service," Shraiberg said. FFS "will only be stronger" for having filed the petition, he said...