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This is a very bad thing that fortunately happens only infrequently.
Because of the number of lives effected, it's fair to say the Court trys to do everything to find better solutions.
Differing from a Condo, a Co-op is a Corporation. The corp. owns the real estate. The residents own stock in the Corporation and have a right to lease/occupy their unit from it. As the value of the property goes up, so does the worth of the corp and hence the value of the shares of the Corp.
If the Corporation defaults on loans and goes BK all the assets of it may be liquadated to pay the creditor (any extra would be distributed to the stockholders), and the building would become owned by someone else. (Basically, the building is foreclosed by the lender. Your "ownership" of the Co op and right to live there would quickly be lost.
What else can I help you with?
What happens to the government if a company goes bankrupt?
Nothing.
What happens if your city goes bankrupt?
It can not pay its employees or pay for its services.
What happens to a player's properties if they go bankrupt in Monopoly?
When a player goes bankrupt in Monopoly, all of their properties and assets are returned to the bank.
What happens to your warranty when a company goes bankrupt?
If the Bankrupt company is just the retailer then the warranty is still covered by the manufacturer. If the manufacturer goes bankrupt then the retailer covers the warranty. The seller is responsible for a warranty. Clearly if the seller is the manufacturer and they go bankrupt then it's most unlikely that the warranty will remain in force.
What happens to my loan if a bank goes bankrupt?
If a bank goes bankrupt, your loan may be transferred to another financial institution or a government agency. You will still be responsible for repaying the loan, but the terms and conditions may change.
What happens to a publicly traded company when its stock goes to zero?
you can claim a CAPITAL GAIN LOSS ON YOUR TAX RETURN FOR THE YEAR IF THE COMPANY GOES BANKRUPT that's it.
What happens to your 401k if AIG goes bankrupt?
I have a claim on a car insurance policy with AIG. What are the chances of this claim being met?
What happens to a loan if the bank that issued it goes bankrupt?
If the bank that issued a loan goes bankrupt, the loan may be transferred to another financial institution or a government agency. The borrower is still responsible for repaying the loan, but the terms and conditions may change.
What will bankrupt solve?
When one goes bankrupt, one's debts are cancelled.
What nicknames does LaNell Cooper go by?
LaNell Cooper goes by Angie, Super Coop, and Coop.
What risk do stockholders face if a corporation goes bankrupt?
Stockholders face the risk of losing their investment if a corporation goes bankrupt.
What happens if a short seller goes bankrupt?
If a short seller goes bankrupt, they may not be able to cover their short positions, leading to potential losses for them and their investors. This could also impact the broader market if the short seller's positions were significant enough to cause disruptions.
