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HOA Fees and Bankruptcy, Things You Should Know by Kevin Judd
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HOA Fees and Bankruptcy, Things You Should Know |
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Law,Finance & Investment,Home Business
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If you’re in a Homeowner Association (HOA) and you’re struggling financially, you should contact an attorney as soon as possible. HOA fees can add unneeded stress during bankruptcy, because they’re handled differently than other forms of debt after a filing. If you’re looking into bankruptcy, there are certain things you should be aware of when it comes to HOA fees. Bankruptcy can discharge past due HOA fees, along with other debts such as medical bills and credit card debt, but there can be issues for homeowners if they continue to live at their homes and a bank has not finalized the sale of their property. Any HOA fees that accumulate after a case is filed are non-dischargeable, and the homeowner is still responsible for paying them. This does not mean bankruptcy isn’t an option—it means you can free yourself of other debts to help pay your HOA fees while you continue to live in your home. It’s important to contact an attorney, because some HOAs will negotiate lower fees if they know a home is going to enter foreclosure or the owners are filing for bankruptcy. Kevin Judd Law Firm of Kevin D. Judd
Related Articles -
bankruptcy, Chapter 13, Chapter 7, foreclosure, hoa, homeowner association, washington dc bankruptcy attorney,
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