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HCLegal
HCLegal, Attorney
Category: Bankruptcy Law
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Experience:  I have filed over a thousand bankruptcy cases.
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I live in pa. And over a year ago I entered into a land contract

Customer Question

I live in pa. And over a year ago I entered into a land contract the owner has informed me she is filing bankruptcy. What effect will it have on our land contract deal?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Fran-mod replied 1 year ago.
Hi, I’m a moderator for this topic and I wonder whether you’re still waiting for an answer. If you are, please let me know and I will do my best to find a professional to assist you right away. If not, feel free to let me know and I will cancel this question for you. Thank you!
Customer: replied 1 year ago.
Yes I'm stiiilll waiting
Expert:  Fran-mod replied 1 year ago.
Sometimes, finding the right Expert can take a little longer than expected and we thank you greatly for your understanding. We’ll be in touch again shortly.
Expert:  HCLegal replied 1 year ago.

Hello and thank you for your question. I apologize for it taking so long to find someone to answer your question.

 

It will not effect your rights as to the contract as long as you continue to make the required payments as per your contract.

 

Depending on whether or not this asset of the owners is exempt or not, the bankruptcy trustee may take the asset, which is the contract with you and not the land, and sell if to someone else. If that happens you will just have to make the payments to whoever bought the property.

 

To be safe, I would still talk with a bankruptcy attorney just to make sure that the owner listed your contract in her bankruptcy petition correctly.

 

You can find a bankruptcy attorney in your area by going to http://www.naca.net/.

 

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