A South Florida condo association serving a 55-and-older community has filed for bankruptcy, Realtor.com reported. Palm Greens at Villa Del Ray Recreation Condominium Association, a Delray Beach-based association mSouth Florida Condo Association Files for Bankruptcy With Over $40 Million Debtanaging the recreational facilities and amenities for the community, filed for chapter 11 reorganization on Jan. 28 in the U.S. Bankruptcy Court for the Southern District of Florida. Lennar Homes is the largest creditor with a $25 million claim. READ MORE