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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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how do I protect my investment if my condominium association

Resolved Question:

how do I protect my investment if my condominium association goes bankrupt?
can creditors come after my personal assets?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

Typically a condo owner would not have personal liability related to the bankruptcy of the Condominium Association. However the value of your condo may unfortunately reflect a decrease in value as a result of the bankruptcy
Customer: replied 6 years ago.
Please explain the use of the word "typically" as I fear that may lead to my worst fear that they will come after personal assets.
Expert:  Ellen replied 6 years ago.
I use the word typically because I have not examined your condo documents and therefore cannot give you an unqualified answer. However that said, I have never seen a condominium association where the condominium unit owners were personally liable in a bankruptcy of the Association. It would be extremely unusual
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