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Old 12-04-2012, 03:36 PM
 
7,680 posts, read 11,296,107 times
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Quote:
Originally Posted by IC_deLight View Post
Bankruptcy would not work at all. The condo corporation has the ability to assess its members in order to pay its debts. See, e.g.,
Bankruptcy Won't Work - Why There's No Protection for Members When Community Associations "Go Broke"
No idea why that article purports to claim that HOAs can't file for bankruptcy. When we were condo shopping in Miami Beach a couple of months ago, we came across a couple of buildings whose HOAs were in or had been in Chapter 11. This apparently was quite a problem during the height of the recession down here. Here's a couple of articles discussing the situation at the time:

http://www.kayebenderlaw.com/files/f...DBR-7.8.09.pdf

Condo associations in bankruptcy
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Old 05-18-2015, 02:39 PM
 
4,542 posts, read 4,476,112 times
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Quote:
Originally Posted by MadManofBethesda View Post
No idea why that article purports to claim that HOAs can't file for bankruptcy. When we were condo shopping in Miami Beach a couple of months ago, we came across a couple of buildings whose HOAs were in or had been in Chapter 11. This apparently was quite a problem during the height of the recession down here. Here's a couple of articles discussing the situation at the time:

http://www.kayebenderlaw.com/files/f...DBR-7.8.09.pdf

Condo associations in bankruptcy
the association is separate from the owners, they can declare bankruptcy, wiggle out of debt start a new HOA and move on.
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Old 05-18-2015, 03:06 PM
 
12,973 posts, read 12,159,662 times
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Originally Posted by SandyJet View Post
the association is separate from the owners, they can declare bankruptcy, wiggle out of debt start a new HOA and move on.
More complex than that. What happens to common property? It can and may get sold. Now how do you run a condo after losing the park, gym and swimming pools?
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