FFS Data in Boca Raton, Florida, which runs the Web sites Foreclosure.com, ForeclosureFreesearch.com, ForeclosureDatabase.com, and some 150 other online portals, has filed for Chapter 11 reorganization, according to the South Florida Business Journal.

The company cites $9.1 million in assets and $27.5 million in debts, and lists gross income of $15.7 million in 2009. The local journal reports that FFS Data missed payroll for its 50 contract employees in mid-December.

According to the South Florida Business Journal, FFS Data’s largest asset is $4.9 million for a loan it granted to the Web-based real estate solutions provider Live Data Group, which filed for Chapter 11 on the same day.

Listed as an associated case to be managed together with FFS Data’s case and a co-debtor on several loans, Live Data Group cited $25,778 in assets and $10.3 million in debt, with $5 million in consulting revenue in 2009, the paper said.

Inman News attributed FFS Data’s bankruptcy filing to two lawsuits brought against the company, and says FFS plans to remain open for business during the restructuring.