It is important not that the developer does or doesn't go bankrupt but the financial health of the condo. What's the reserves? Delinquencies?
The other issue is lending. Always look to see if it's Fannie/Freddie approved. Also check if trident /wells/bank of America will do jumbos....if not think twice. Resale depends on these factors
As you mentioned earlier..an atty is always an option. I'd also recommend an agent with a lot of new construction experience. Having sold at 2200 arch, the ritz, the aria, the western union building and the symphony house...i have seen the gambit
Cold well banker realty