How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Roger Your Own Question
Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31022
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
6704987
Type Your Real Estate Law Question Here...
Roger is online now
A new question is answered every 9 seconds

In the development I live in we have a homeowners

Customer Question

In the development I live in we have a homeowners association that spells out the obligations of the owners. The development is a PUD and we cannot pay for all of the different that the association may be responsible for. We cannot get any board members or officers. Only 8 out of 29 are owners and the rest are rentals by investors. Can we bank
bankrupt the association and transfer all common areas to owners?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Roger replied 1 year ago.

Hi - my name is ***** ***** I'm licensed in Tennessee. I'll be glad to assist.

It is possible to bankrupt and disband the HOA , but it would likely require a vote by all property owners in the HOA electing to disband and bankrupt the association.

Expert:  Roger replied 1 year ago.

It's probably a good idea to have a look at the bylaws to see if there's a dissolution process that must be followed.

Expert:  Roger replied 1 year ago.

If there is no process in place, you should consider hiring s lawyer help dissolve the HOA. You'll need one anyway if the association is going to file bankruptcy.

Related Real Estate Law Questions