The short answer is yes! Often times when dealing with mounting homeowner’s fees, you may feel there is no available option to remedy the situation. The bills continue to pile and fees add up with no end in sight. However, there are several options available to you with respect to alleviating some of this financial strain.
Florida law permits HOAs to impose a lien upon a property to secure payment. In Florida, under both Chapter 7 and Chapter 13 bankruptcy, you can potentially strip off your HOA lien if the property is worth less than the amount you owe on your mortgage. While filing for bankruptcy may eliminate past due amounts, you will be responsible for paying current amounts as they become due after you file your bankruptcy case if you wish to retain the property. A Chapter 13 bankruptcy may also give you an opportunity to restructure past amounts due if you wish. To further understand your legal options it is best to discuss your particular case with an experienced bankruptcy attorney.
For more information on how bankruptcy can help with past-due HOA fees, contact the bankruptcy lawyers at McIntyre Thanasides today.