Filing a Chapter 7 bankruptcy would eliminate your personal liability on the past due HOA but it cannot remove the lien. Thus, in many instances it does little good for people who want to keep their properties because the HOA retains its rights under state law to foreclose even though it cannot sue you personally post-bankruptcy discharge.
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Hamid's answer is not only correct but covers the topic very well. I would only add that if you are considering bankruptcy and retaining your real estate you might want to discuss with your bankruptcy attorney whether Chapter 13 provides you any advantages. One advantage may be reducing the interest rate on the repayment of past HOA fees. However, that advantage alone may not warrant you filing a Chapter 13 given the statistically low percentage of people that complete them. Discuss it with your bankruptcy attorney before you make a decision.
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You can file BK to discharge HOA dues prior to filing, but not HOA dues incurred after filing.
Typically, HOA dues are secured by the property. Thus, BK removes the debt as to you personally, but not as to the property.
It could be possible to strip of the lien in Chapter 13, but more info. is needed to address that issue.
Contact a good BK attorney in your area.