Editor's note: The new bankruptcy law that took effect on Oct. 17, 2005, included many provisions that affect both residential and commercial real estate. But attorneys are still debating whether the real estate market overall will benefit from the changes. In this three-part series, we consulted with bankruptcy and real estate law attorneys on the specifics of how the new law impacts homeowners, renters, landlords and homeowner and condo associations. (See Part 1 and Part 2.) There are a handful of miscellaneous provisions in the new bankruptcy law that affect average homeowners and renters, and a few that apply to commercial properties. The first is simple: Condominium and homeowners' associations benefit from the provision that requires that fees owed to these organizations are no longer dischargeable in bankruptcy. Take, for instance, a couple who were behind in their mortgage and condo assessments. They could still file for bankruptcy and, depending on their income and asse...
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