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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