I am currently the buyer in a land contract in Ohio. I made a down payment and have made several principal payments on the loan, all to the owner of the home.
How will the 'equity' I have in the home be viewed by a trustee if I file a chapter 7 bankruptcy? Ohio has a $20,200 homestead...
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Land Contract "Equity" and Chapter 7
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Chapter 7 and Land Contract
I live in Wisconsin and purchased a home on a 'Land Contract' with a second mortgage to cover the 'down payment'. I did this after a divorce and wanted a place for myself and (2) children to live in.
I had my 341 meeting in October and now requested my attorney to file papers to give... -
Help with Land Contract
Do I need to disclose a land contract? I'm in the process of filing for bankruptcy (chapter 7) and don't understand my attorney. He says it's possible I might have to file under chapter 13 instead of chapter 7 depending on my house.
Why do I need to disclose this land contract as...