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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