Q: What do I do if I receive a Notice of Bankruptcy Filing?
A: You should inform your collections attorney immediately if you receive notification that a homeowner has filed bankruptcy. If we have an active collections file against the homeowner, we are required to suspend further collections efforts against the homeowner while the bankruptcy is pending.
If we do not have an active collections file against the homeowner, we recommend you forward the notice to your collections attorney anyway. We are able to access the Bankruptcy Court’s records and can file any paperwork necessary to be sure that the association is protected throughout the bankruptcy proceedings. We can also monitor the proceedings and update you as to any significant developments in the proceedings.
News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network
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