Real Estate Law
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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.
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.
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.