Legal Question in Bankruptcy in Illinois

After purchasing a home on a land contract the owner has now declared bankruptcy. How does this affect us in our contract with the owner?


Asked on 4/12/10, 7:40 pm

1 Answer from Attorneys

Hopefully the contract was recorded and you were given formal court notice of the bankruptcy so that you can protect your interests in the home/contract. You will unfortunately have to become involved with this mess because you have a claim and will want the court (through a bankruptcy trustee) to keep the contract in place. Your contract may specify what happens in case of bankruptcy; unfortunately they usually only specify if you as buyer go bankrupt. It is worthwhile to get an attorney involved to make sure your interests in the home/contract are protected.

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Answered on 4/18/10, 7:01 am


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