QUESTION
If I file for bankruptcy, could I keep my home if it's rent to own and it's not behind?
Asked on Nov 13th, 2015 on Bankruptcy - Michigan
More details to this question:
I was thinking about older overwhelming depths when looking into bankruptcy.
8 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, bankruptcy allows you to maintain a rent to own contract.
Answered on Dec 02nd, 2015 at 5:17 PM
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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Yes, if the amount of equity & your other assets fit within the chosen exemption scheme.
Answered on Nov 20th, 2015 at 4:32 AM
Maybe yes, and maybe no. Meet with an experienced BK lawyer. Be willing to pay for a one hour consultation so you do it right the first time. You have to much to lose.
Answered on Nov 19th, 2015 at 5:21 PM
If you are buying the property on a rent own contract, Nevada law allows you to protect up to $550,000 in equity in this home. If you are selling on rent to own, there is little or no protection for your contract of sale.
Answered on Nov 19th, 2015 at 5:20 PM
2 Awards
Yes, you can keep as long as you are current.
Answered on Nov 19th, 2015 at 5:19 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Generally you can. But consult your lawyerand if you do not have one, hire one now. Good Luck.
Answered on Nov 19th, 2015 at 4:04 AM
The answer depends on the homestead exemption available to you. Typically, your rent to own contract would be viewed like a mortgage and the homestead exemption is geared to the equity you have in the home (market value minus debt.) Homestead exemptions vary by state. Oregon and many other states allow their residents to choose whether to apply state or federal exemptions, so you really ought to get legal advice on the best approach.
Answered on Nov 19th, 2015 at 4:04 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Possibly, but no firm answers either details and a full understanding of the facts.
Answered on Nov 19th, 2015 at 4:03 AM