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Were you supposed to pay the electric company directly or did the management provide you with a bill that you paid to them?
What I suggest is that you contact the electric company directly. Explain what happened and tell them you cannot pay it in one lump sum and can you work out a payment plan. I would expect that the company will work out a payment plan. Once you have done that you can notify the management company that the issue has been addressed with the electric company and you will be paying the electric company directly in the future to cover the arrears and the current bill.
I doubt very much that you would have to resort to something as drastic as bankruptcy.
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In that case, you have to work out the arrangement with the management company. Check your lease to see if there is a provision that covers this circumstance that treats the amount the management company paid as additional rent. If there is no such provision, you may be able to challenge an eviction if they refuse to accept a payment plan. In most circumstances, if you have otherwise been a good tenant, they would rather work out the arrangement and not have to go through the eviction process.
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