Legal Question in Bankruptcy in Michigan

I have a land contract with a balloon payment I cannot obtain a mortgage for the balloon payment if chapter 13 bankruptcy is filed will that balloon payment be broken up over the 5 years


Asked on 11/06/15, 8:25 am

1 Answer from Attorneys
William Johnson Acclaim Legal Services

Yes, a Chapter 13 can be used to protect the property from forfeiture and to extend the maturity date of the land contract. The remaining balance on the land contract will be paid over the term of the Chapter 13 Plan (i.e., 60 months). The Chapter 13 must be filed prior to the forfeiture action.

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Acclaim Legal Services

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Answered on 11/07/15, 4:02 pm


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