We have an installment land contract and the holder is filing Chapter 7, what do we do?
Question Details:We purchased our home on a 3 year land contract in 05/09 and we received notice that one person holding the deed is filing chapter 7 bankruptcy. How does this affect us and what rights do we have at this time? We are not ready to purchase the home out right. What steps should we take from here?
You need to take the contract and the bankruptcy notice to a good attorney, as soon as possible. There is no way to give you much of an idea of what is likely to happen, without a lot more information about the bankrupt and his estate; your lawyer will probably need to get that first, after you retain him or her. I simply can't give you any better path to reliable advice.
I do think a lawyer is essential. You have too much at stake, and these cases can get complicated.
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