Legal Question in Bankruptcy in Michigan

If I own a $100K home (mortgage paid off) and I sell that home via land contract to someone, is that treated as an asset in any way if I claim bankruptcy or get sued or whatever?

Would the fact that the buyer of the home is in constant default affect anything?

I'm in Michigan.

Asked on 1/15/13, 2:54 pm

1 Answer from Attorneys

Charles Andersen Charles Andersen, Atty
0 users found helpful
0 attorneys agreed

Generally, the income stream from the contract is non -exempt so that won't help much. Learn More

Read more
Answered on 1/15/13, 7:35 pm

Related Questions & Answers

More Bankruptcy Law questions and answers in Michigan

Looking for something else?

Get Free Legal Advice

88953 active attorneys ready to answer your legal questions today.

Bankruptcy Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Glen AshmanAshman Law OfficeAtlanta, GA
Barry SteinDe Cardenas, Freixas, Stein & ZacharyMiami, FL
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now