Florida church files for Chapter 11
A church in Walton County, Florida, recently filed for bankruptcy protection after nearly entering foreclosure.
A church in Walton County, Florida, recently filed for bankruptcy protection after nearly entering foreclosure.
The Faith Christian Family Church is delinquent on loan payments to SunTrust bank, and has not been able to give the financial institution any of the $2.8 million it owes since October, according to a report. The lender filed for a foreclosure action earlier in the year, and had an auction scheduled for May 26.
The church's pastor, Markus Bishop, told the Walton Sun the religious center plans on paying back all of the money, but has not been able to work out a reasonable payment plan. The building has equity of approximately $4 million.
In order to skirt foreclosure and other penalties, the church plans to sell assets, according to the news source. The rectory is worth millions of dollars, and has been on the market for an extended period of time.
The church has filed a claim with BP, the company responsible for the Gulf oil disaster, the news source added. The religious center hopes to recoup money it lost due to members being unable to give money because of the extenuating circumstances.
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