QUESTION
Can we enter into a rent-to-own agreement after filing for bankruptcy?
Asked on Jun 09th, 2017 on Bankruptcy - Wisconsin
4 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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If you're in a Chapter 7, you can enter into any type of contract as long as it doesn't affect the assets you had on the date you filed. In Chapter 13, you need court approval to incur debt, since a rent to own contract is debt, it needs approval.
Answered on Jul 11th, 2017 at 8:04 PM
Typically, yes (hard to answer the question without knowing any particulars).
Answered on Jul 11th, 2017 at 5:00 PM
It will be a decision the party that finances these agreements will have to make. Not an issue if you filed Chapter 7. However, you might need court permission to enter into this agreement if you are in Chapter 13.
Answered on Jul 10th, 2017 at 6:57 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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So long as you and the seller agree, there should be no obstacle.
Answered on Jul 10th, 2017 at 10:39 AM