Will I likely be sued if I walk away from my foreclosed condo with association fees still due after my bankruptcy?

Question from Avvo.com:

Will I likely be sued if I walk away from my foreclosed condo with association fees still due after my bankruptcy?

My answer:

The Bankruptcy Code (the law) says that you are responsible for any association dues after you file a bankruptcy case. This can be a substantial amount because you are responsible for all the dues from the date of filing of the bankruptcy case until the bank takes ownership of the property. The bank becomes the owner only after the whole foreclosure process is complete. Plus, the association will need to hire attorneys, and those legal fees can be added as well.

Nobody can predict whether your association will actually sue you for these amounts. And, while it is possible that the bank will pay the association and absorb the costs, it is not certain either.

It is best for you to speak with an experienced bankruptcy and foreclosure attorney to discuss your whole situation to help you decide what your best course of action would be.

Daniel J. Winter
BankruptcyLawChicago.com
312-789-9999
djw@DWinterLaw.com
Offices in Chicago, Oak Lawn, Skokie, and Lake County, Illinois

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