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No special protection. Age is irrelevant -- this is not a case of elder abuse or age discrimination in housing. It's just a bad deal gone worse.
If the developer fails to perform, then the purchaser must file a proof of claim and get in line with the other unsecured creditors, unless the purchaser can prove that the developer never intended to build the clubhouse. If such proof were available, then the claim could be deemed nondischargeable, which would make it more likely to recover.
Hope this helps.
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A Chapter 11 permits the debtor/developer to create a plan to survive and hopefully complete construction. You can file a proof of claim with the court for your investment into the clubhouse, and you can get a copy of the debtor's plan to see how it intends to finish the clubhouse. You can also attend creditor committee meetings and you could even object to the plan, if you think that it doesn't serve you.
Unfortunately, a lot of this will cost big bucks in legal fees, so generally, it's a losing proposition, unless you have paid out a small fortune for the clubhouse. You may want to get a list of creditors from the court and attend the creditor's meeting, so you can find out what's going on. It will be an educational experience, at least.