The District Court recently delivered a rare win for condominium associations throughout New Jersey dealing with bankruptcy actions filed by their residents. The Court reversed a 2015 decision that allowed debtors filing Chapter 13 bankruptcy petitions to “strip off” or “cram down” an association’s lien, which in most cases resulted in that the association only receiving six (6) months of assessments and having to write off as bad debt all of the remaining unpaid amounts.
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Top Posts & Pages
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- Michael S. Karpoff, Esq.
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The commentary and views expressed in this blog are solely intended for informational purposes only and do not constitute legal advice. For legal advice or representation in connection with any matter, we urge you to consult with an attorney. Read the full disclaimer here.