Legal Question in Bankruptcy in New Jersey

condo building bankruptcy

If a builder of a condo building goes bankrupt and the bank takes ownership, is the bank responsible for condo association fees on vacant units.


Asked on 11/16/07, 1:49 pm

1 Answer from Attorneys

Robert Davies The Davies Law Firm, P.A.

Re: condo building bankruptcy

For most obligations, the bank will need to step into the builder's shoes. This is not a certainty for vacant unit fees. It will depend on the documents, including the condominium declaration. Someone needs to analyze the documents.

This problem will affect all owners of condo units in the building. You should consider acting as a group, and hiring an attorney to advise you.

Call if you like; I never charge for a first phone call.

You can then decide how you would like to proceed.

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

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Answered on 11/16/07, 3:17 pm


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