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PHILADELPHIA-Frank P. and Carol Carr, owners of the troubled Ski Side Village timeshare property in Ski Side Village, PA near Camelback Mountain in the Poconos, has filed for Chapter 11 protection in the US bankruptcy court in Monroe County, PA. According to published reports, they represented themselves in the voluntary filing and estimated their assets at more than $50 million and debts of less than $10 million.

Among the creditors is Hackensack, NJ-based Kennedy Funding, Inc. Kennedy had earlier filed papers in the Monroe Country Court of Common Please to collect $3.5 million from the Carrs. The amount represents the principal and interest on a mortgage provided by Kennedy to the Carrs in 1998.

The lower court judge ruled that the Carrs had defaulted on the loan and awarded Kennedy a judgment of foreclosure against the Carr’s home and businesses, which include Frank P. Carr Realty in Tannersville, PA along with Ski Side Village.

In addition, the Carrs owe back taxes, estimated at more than $1 million, to Monroe County, Pocono Township, and the Pocono school district, although they dispute the tax bills.

The bankruptcy court appointed Philadelphia lawyer Ivan Krouk trustee of the property until the court rules on the voluntary bankruptcy application.

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