Illinois Bankruptcy Lawyers - Fees

11 U.S.C. 523 provides discharge will not be allowed (16) for a fee or assessment that becomes due and payable after the order for relief to a membership association with respect to the debtor's interest in a dwelling unit that has condominium ownership or in a share of a cooperative housing corporation, but only if such fee or assessment is payable for a period during which - (A) the debtor physically occupied a dwelling unit in the condominium or cooperative project; or (B) the debtor rented the dwelling unit to a tenant and received payments from the tenant for such period, but nothing in this paragraph shall except from discharge the debt of a debtor for a membership association fee or assessment for a period arising before entry of the order for relief in a pending or subsequent bankruptcy case.

Illinois Bankruptcy Lawyers - In Practice

Fees charged by condominium associations must be paid. Further, when protected by a consensual lien, the full amount must be paid to avoid foreclosure.

Requirements for discharge and confirmation are complex. Bankruptcy lawyers must carefully construct a financial history for each client before recommending any course of action. Because financial histories are unique, available options under the Code vary. Also, bankruptcy lawyers frequently arrive at different conclusions regarding available options, based on each bankruptcy lawyer's level of experience and expertise. All debtors who have questions regarding discharge and confirmation through the Illinois federal court system should compare the advice of several bankruptcy lawyers to establish the range of options available.

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