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HOA Fees and Bankruptcy: Are they covered? Atlanta, GA

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HOA Fees and Bankruptcy: Are they covered?

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Homeowners Association (HOA) fees are collected from residents in a residential community to assist with the upkeep and community improvements. On average they go up in cost every year and are collected monthly or yearly and could put you in financial jeopardy. Did you know you have options if you are facing foreclosure or are struggling to pay your HOA fees because of financial hardships? There are two options when filing for personal bankruptcy- Chapter 7 and Chapter 13. Each of these handles HOA fees differently. The attorneys at Gingold & Gingold, LLC, are a phone call away to assist you with any questions you may have regarding your HOA fees and bankruptcy.

What does it mean for my HOA fees if I file for Chapter 7?

According to NOLO, your HOA fees after filing for Chapter 7 bankruptcy will depend on: when you file your case, whether you give up the property, and when the foreclosure sale takes place. If you decide to give up your property, the HOA fees that you may be able to discharge are those accrued up to the date you filed for bankruptcy. Any fees accrued after the filing date will not be discharged and will be your responsibility until the bank forecloses your property. There are a couple of options to consider avoiding additional fees after your filing date- selling the property as a short-sale before filing or waiting to file bankruptcy until after your property has been foreclosed. If you decide to keep your property, you will still be responsible for paying any past and present outstanding HOA fees when you file for Chapter 7.

What does it mean for my HOA fees if I file for Chapter 13?

There are special considerations to keep in mind when it comes to HOA fees and Chapter 13. NOLO states it depends on your intention to keep or give up the property, whether you incurred the HOA fees before or after you filed, and the laws of your state and bankruptcy court. If you plan to keep your property, the HOA fee before filing must be paid. Chapter 13 may allow you to make payments on outstanding HOA fees through a bankruptcy repayment plan. Under Chapter 13, you must earn enough money to support a repayment plan that meets legal requirements.

Consulting with a bankruptcy attorney to learn how HOA fees are handled when filing for Chapter 7 or Chapter 13 is important to making the right decision for you. If you are in the Atlanta or surrounding areas, contact Gingold & Gingold, LLC, today for a free initial consultation to discuss your options.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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