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If the complex is unable to pay its bills, including utility bills, insurance bills and so forth, the complex is in danger of becoming uninhabitable.

Depending on the style of bankruptcy proceeding and the chapter under which its filed, current owners may be assessed the funds required to stabilize the community financially.

Read your governing documents to determine owners' financial liability to the association and its ongoing operation. (Usually this is accomplished with monthly assessments, and when assessments aren't paid or collected, there is a danger that the association can become bankrupt.)

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15y ago

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