An HOA is an organization that runs on money, similar to other businesses and agencies. And similar to those other organizations, when the HOAs money runs out, they, too, can go bankrupt. Declaring bankruptcy is rarely the answer for HOA communities, although it can, on occasion, happen. If your association has more debts than it has funds, consult with a specialized bankruptcy attorney as quickly as possible, as they will be able to guide you through the next steps and find the best solution for your community. Read the article………………………
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