Bankruptcy basics for community association boards of directors

Over the last decade, community associations (like other businesses) have been forced to navigate the “Great Recession” and continued recovery. The “Great Recession” brought with it a significant increase in the number of personal bankruptcy filings across the country. Even now, personal bankruptcy filings continue to impact communities and their ability to collect assessments.  It is a common thought that the filing of a bankruptcy petition eliminates a community association’s ability to collect past due assessments. This is not always true. But, a number of factors will impact a community associations ability to claim, and collect, debts in bankruptcy.   Read the article………….

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