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

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

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

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