This of course can mean there may be bank auctions on the properties. I have suggested to city officials that they purchase 2-3 buildings, convert them to studio transitional housing, gift the repaired properties to the St. Francis house and contract with them to handle transitional housing. Unfortunately some folks will be displaced while this plays out in the courts. Hopefully the county and city will step up to help folks find other housing.
This filing, given its obvious impact on many citizens who are of limited means, will most likely result in the immediate establishment of a receivership by the bankruptcy judge to keep the apartments available for tenants. Plus, such a receivership will offer a continual flow of income to pay the creditors and will be the makings, most likely, of the new owners to be.
( and Woodstock adds: “Bankruptcy is not as big of a deal as it used to be…. I mean, I think both Truman and Nixon had one, but hell, hasn’t Trump had like five or more?”……
( ….. “But then again, Trump always does everything in such a big way….. Well, unless he’s with Stormy”….. 
)
Bankruptcy trustee handles. Some or all could be sale on courthouse steps. Private transfer, city or county not qualified bidders. City must be out of private or commercial land deals. Competes with open market. Also, city sucks at any land deal they’ve ever done. Even when they don’t pay property tax and develop tax free, they can’t make a profit. Politicians make money via fraud and kickbacks. They’re not businessmen and must not risk public money competing against experienced entrepreneurs.
Likely, buildings will be demolished so Lloyd Companies can build inferior apartments while city looks the other way. New units will lease for twice the price. Same organized crime method for what’s happened in the rest of the city.