Bankruptcy: No longer a free ride
When a community association receives notice that a delinquent owner has filed a petition for bankruptcy, the initial reaction may be one of despair. Will we ever be able to recover what we are owed? Does this mean the owner gets a “free ride?” What can and can’t we do with regard to collecting amounts that continue to accrue? These questions are common, and bankruptcy can be a complicated subject, rife with time-sensitive deadlines, special bankruptcy rules, and specific protections...