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Condominium Assessments Discharged in Bankruptcy

Condominium Assessments Discharged in Bankruptcy

Are condominium assessments discharged in bankruptcy? Yes and No. Condominium assessments incurred prior to the date of filing your bankruptcy petition (pre-petition) are discharged. Condominium assessments incurred after the date of filing your bankruptcy petition (post-petition) are not discharged.

What should I do if I am surrendering my condominium? You should pay your monthly assessments until you are no longer the owner. You are no longer the owner after the property is sold oftentimes by a foreclosure sale.

What should I do if I have already abandoned the condominium? You should pay your assessments post petition until title transfers out of your name. But I just went bankrupt, how do I pay for this? You should try to rent it and also list it for sale. But what If the association says I can’t rent it? Then go to a board meeting and ask the condo association to rent it on a 13 month lease as they are allowed to do to recoup delinquent assessments by the Illinois condominium act. If you are outside Illinois check out that states condominium association laws.

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