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Re: Lawsuits & Payments
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Posted by Molly
on January 29, 2002 at 22:06:44:
In Reply to: Re: Lawsuits & Payments posted by Why Chat on January 28, 2002 at 13:32:46:
Thanks for the link. I have heard of this 20% rule but many condos challenge it and from what I understand, they often win based on their bylaws. Doesn't seem right but I've been told this clause holds no real power and is risky to challenge. I've known people in other places similar to this who were not allowed ownership after inheriting the property and had been living there for many years. One lawyer said it comes down to dealing with a bankruptcy judge or a condo board -- not a good solution either way. I've been to three different lawyers who specialize in bankrutpcy and all gave different advice and information ranging from you can't go bankrupt because of this so just default on all the cards and deal with lawsuits if they come while another said go ahead, no problem. The third wanted to first transfer the deed before starting and it could take up to a year.
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