QUESTION
Can I enter into a land contract and file for bankruptcy?
Asked on Dec 07th, 2012 on Bankruptcy - North Carolina
More details to this question:
We need to file for bankruptcy in the near future due to old hospital bills that are years old and my husband’s not mine. The land contract would be in my name. I need some advice before we move further with not enough information.
9 ANSWERS
What are the terms of your land contract?
Answered on Apr 24th, 2013 at 2:03 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You clearly need to consult with an attorney and therefore should take both of your issues to an attorney and determine what is your best course of action. Without additional details no firm opinion can be rendered.
Answered on Dec 11th, 2012 at 9:23 PM
Entering into a land contract before filing Chapter 7 would be fine assuming the contract is in writing and there is not any non-exempt equity in the real estate (e.g.- you could sell it for a large profit).
Answered on Dec 11th, 2012 at 3:14 AM
You can enter into a land sale contract before you file bankruptcy, but there may be some consequences for your actions. You should seek the advice of an attorney who can advise you based on your situation.
Answered on Dec 10th, 2012 at 11:18 AM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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It sounds like you want to enter into a contract for the sale of land and then potentially file bankruptcy. The anwer is: maybe. There are a number of factors that would affect this. You need to speak to an attorney in your area: many give free consultations. My professional opinion is to not enter into the land contract. Typically, I never give solid adivce before I hear all of the facts, but I have never seen a land contract deal that ended well. You are agreeing to purchase a home/land from someone on a long term basis with no deed in your name. This means the seller could sell the property to someone else, or put a mortgage on it before you pay it off...or he may refuse to transfer the deed to you, requiring you to sue him in court. Buyer beware when it comes to these deals.
Answered on Dec 07th, 2012 at 10:42 PM
Business Litigation Attorney serving Orange, CA
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Law Offices of Frank Granato
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I would need more information before I could advise you properly.
Answered on Dec 07th, 2012 at 10:41 PM
If you wish to purchase real estate before you file bankruptcy, you need to look into whether or not you can protect this property through bankruptcy. As a general rule, you cannot protect investment property if you file a Chapter 7 bankruptcy, although you can protect a home you live in under the homestead laws. The answer will really depend on how much money is involved as well as the type of land.
Answered on Dec 07th, 2012 at 2:53 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Yes, but you may have consequences depending on circumstances. Please understand that filing for bankruptcy is a very complicated process.
Answered on Dec 07th, 2012 at 2:37 PM
Bankruptcy Law Business Attorney serving Asheville, NC
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Pitts, Hay & Hugenschmidt, PA
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I would not be slow to go see a lawyer about filing, you may get some advice which will make the preparations that much easier. The land contract should survive the bankruptcy.
Answered on Dec 07th, 2012 at 2:25 PM