Legal Question in Bankruptcy in Oklahoma

I'm in the process of buying a rental property. I'm not in the position to obtain financing myself so I stuck a deal with the owner. I paid her $3000 down and she will keep the loan in her name while I make the payments and get a landlord insurance policy in my name. I have to obtain my own traditional financing within 60 months. My husband and I would like to file personal bankruptcy. Will this property be considered an asset? I do plan to rent it out but haven't yet. We haven't filed any paperwork regarding the purchase of the property. Can I buy it as an LLC?

Asked on 7/20/13, 5:05 pm

1 Answer from Attorneys

Charles Andersen Charles Andersen, Atty

this is complicated situation. I recommend that you consult with a local oklahoma bankruptcy attorney. http://www.absolutebankruptcy.org/Chapter_7_Objections.htm

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Answered on 7/22/13, 12:51 am


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