Condo Association Filing Bankruptcy? Why You Need a Lawyer
Many people own or live in condominiums in Florida for periods of the year. Owners can typically feel very assured in their homes that the common areas and overall grounds are kept properly, including effective management of financial aspects of the condominium association. However, problems do occur when management groups are not receiving common fees as expected according to the annual budget, which can mean bankruptcy is looming in the near future if the cash flow input problems are not resolved. It is vital for all tenants to have personal legal representation like Bakalar & Associates South Florida condominium attorneys when the building management group is in financial trouble because their unit could be in jeopardy and needed information can be requested through court order by effective legal counsel.
Unit owners can easily get caught in the middle when a condo association is in financial distress, and especially when the management group or board of directors is meeting in private or withholding information from the unit owners. Secrecy is rarely good, and there could be undisclosed reasons for keeping unit owners in the dark. Suppressed information could clearly present the need for an HOA issue law firm in Coral Springs for the unit owners.
Protecting Your Investment
Any condominium is a huge investment for all involved parties, but the unit owners are the ones who could be most vulnerable in certain situations. While state laws usually protect the unit owners, there can still be legal issues ranging from withheld financial reports to functional problems with the building that cannot be repaired that will have a negative impact on the value of each unit for the owners. Certain instances could result in legal action when unit owners are being impacted and having experienced legal counsel that focuses their practice on HOA disputes is always the best choice for any condo unit owner.
Contact a HOA Issue Law Firm in Coral Springs
Always remember that problems with your condo association can mean serious legal problems regarding your home. Florida residents should contact Bakalar & Associates South Florida condominium attorneys for comprehensive and aggressive representation.