Bankruptcy … it’s the “four-letter word” that nobody wants to hear.  There are two types of bankruptcies that most individuals file.  A Chapter 7 bankruptcy (also known as a “liquidation” bankruptcy) will, upon completion, discharge the owner’s debt as of the date of filing.  A Chapter 13 bankruptcy (also known as a “wage earner’s” bankruptcy) seeks to reorganize the debt over three to five years.  This short video will help associations determine their rights as a creditor in both types of bankruptcies.

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