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In a Condo...there is no separate building to file for BK. The individual Condo owners pwn fee simple title, (that is complete title) to their unit.
That could happen in a Co-op...where the building is owned essentially by a Corporation and the Co-op owners own shares in it.
Another Legal PerspectiveAlthough you haven't provided much detail, if there is a bankruptcy then there must be outstanding debt.
Condominium ownership is a complex issue, especially in cases of bankruptcy or foreclosure affecting the developer when the construction has not been completed, there are unsold units and there are outstanding blanket mortgages and other debts that affect the condominium parcel and the common areas. Condominium projects have been victims of the depressed real estate market and many developers were funded for projects that were not well planned or stable from their inception.
A unit that has been sold is the property of the buyer. However, if the condominium project remains unfinished with outstanding debts, it is also likely that a viable condominium association was not established and the business of the condominium is not being monitored (condo fees, utility bills, insurance, maintenance, etc.). That type of situation leaves the unit owner in a position of owning a property with a decreasing value and without the customary benefits of condo ownership.
Many condominium projects "go under" and unit owners are left with an unsellable unit in an unfinished condominium. Sometimes another developer will purchase the developer's interest and complete the project.
What else can I help you with?
What happens if the condo developer files for bankruptcy and hasn't finished the project?
The consequences vary depending on who is involved.If you are invested in such a project, best practices dictate that you work with an association, or at least real estate savvy attorney to help you recoup your investment.AnswerThe lender will try to market the project to find another developer willing to complete the construction. Generally, if it is successful the bankruptcy court will allow the property to be sold.
What happens if a co signer files bankruptcy?
They both go bankruptcy
What if happens if you cosigned for car loan and the borrower files for bankruptcy?
if the consigner files bankruptcy can the borrower take the car
When a company files bankruptcy what happens to the union contracts?
They can be changed by the Court.
Can you file for bankruptcy after the condo assn files for past due assessment fees?
Of course you can. In most states, condo fees become liens on the condo, so a secured debt. You would have to file a C. 13 and plan to pay off the arrears as a secured debt.
What happens to your wage garnishment when the company files bankruptcy?
your wages still garnished
What happens when a business is owed money by a company that files for bankruptcy?
Need the right answer
What happens if car dealership files bankruptcy how do you pay for vehicle?
If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.
What happens to your ticket when an airline files bankruptcy?
Nothing, the ticket is not a debt and would not be included in their bankruptcy. The ticket should still be good.
What happens to your money if your bank files for bankruptcy?
Banks are insured up to 100,000.00 by the government.
What happens to the primary if the co-owner files for bankruptcy?
The primary would be held liable for the debt.
What happens to you when ex wife files bankruptcy on 2nd mortgage both your names are on?
Her mortgage liability will be discharged.
