Legal Question in Bankruptcy in Virginia
Due to the costs of snow removal, electricity going up and fire suppression system work that needed to be done on our 148 condo units, we are out of Reserves and are running behind on monthly payments. It was suggested by one of our condo owners that the HOA should file bankruptcy? We are a non profit HOA. Is this possible? What repercussions would it have on our Community as a whole and on individual condo owners?
Asked on 6/08/10, 8:52 am
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Well, surely these questions have been put to the HOA's lawyer who handles the association's legal matters, haven't they?
Answered on 6/08/10, 12:20 pm
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