The B Word: Bankruptcy, Its Benefits and Challenges with Attorney Jeffrey Bast
Take It To The Board with Donna DiMaggio Berger
English - December 06, 2023 11:00 - 42 minutes - 29.5 MB - ★★★★★ - 25 ratingsSociety & Culture News community association condo association hoa homeowner association Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
This episode of Take It To The Board sheds light on a legal process that may be needed to help both struggling associations and their individual members. In these challenging economic times, more people are asking whether filing for bankruptcy protection is the right decision for an individual or a struggling community association. Host Donna DiMaggio Berger speaks with attorney and founder of Bast Amron LLP, Jeffrey Bast about the bankruptcy process from start to finish and how it can be used as a successful strategic tool to navigate financial challenges. Jeff has practiced in the insolvency and litigation arena for 30 years.
Together, Donna and Jeff dissect the implications of chapters 7, 11, and 13 of the US bankruptcy code, highlighting how Chapter 11 might serve as an unexpected lifeline for community associations wrestling with serious financial problems like soaring insurance premiums, costly statutory requirements and large damage awards resulting from litigation. They explore the unique and compelling circumstances that may prompt Homeowners Associations (HOAs), condominiums, or cooperative associations to contemplate filing for bankruptcy as a last resort.
Donna and Jeff also venture into the thorny realm of involuntary bankruptcy. Picture being thrust into bankruptcy by your creditors – daunting, right? They demystify this process, highlighting the twin requirements of authority and transparency. They also look at the historical stigma attached to bankruptcy and aim to debunk the misconceptions around this legal process. This episode of Take It To The Board brings a fresh perspective to understanding bankruptcy and how a reorganization might become a more frequent option for struggling associations. The potential of a bankruptcy is not just about failure or a last resort but also about strategy, planning, and ultimately financial survival.
Conversation Highlights Include: