Protect Association’s Interests from Bankrupt Member
With almost 800,000 bankruptcy filings in 2016 alone, chances are that someone living in your community will declare bankruptcy at some point. So, what does that mean for you and your association? When a person files for a bankruptcy, the court immediately issues an “automatic stay.” This is a big protection of bankruptcy because the automatic stay prohibits any creditor or individual from attempting to collect on a debt or take any action to collect that debt as of the date of the bankruptcy.
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