Bankruptcy Law, Timothy Kingcade Posts

Sarasota Home Builder Files for Bankruptcy Protection

Jim Butler, president of Paradise Homes, filed for Chapter 7 bankruptcy protection last Thursday. Paradise Homes is one of the builders for Lakewood Ranch community in Sarasota, FL. The company is in various stages of building approximately a dozen new homes. Butler filed for protection for two of his companies, Extreme Remodelers of Sarasota LLC and Paradise Lifestyle Center LLC. Butler is expected to have assets and liabilities between $1 million and $10 million.
Some of the homeowners are likely to bring in qualified builders as completion contractors, according to Attorney Alan Tannenbaum who represents two homebuyers. According to a representative from another builder for Lakewood, many homeowners are angry at Paradise Homes. Aside from the dozen homes currently under construction, 18 others are yet to be started.
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