AT Academy: Co-op and Condo Law Series: What to Do When a Unit Owner or Shareholder Files for Bankruptcy
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What happens when a shareholder or unit owner files for bankruptcy? Does the unit owner/shareholder have to continue to pay monthly charges? Does the board have the right to collect arrears? The panel will discuss some of the major issues that arise when a homeowner files for bankruptcy and how the bankruptcy process differs in a cooperative and condominium.