Legal Question in Bankruptcy in Arizona

bankruptcy

If I purchase land as an Owner Carry Loan and the Owner under goes Bankruptcy, will the total loan become due and payable right away


Asked on 5/23/09, 8:01 pm

1 Answer from Attorneys

David Gibbs The Gibbs Law Firm, APC

Re: bankruptcy

You inidicate that your question is about AZ law. It appears your question was posted to CA attorneys. While I cannot answer anything related to AZ law (not being licensed in that state), I can tell you that generally in California, the Bankruptcy Court has no ability to accelerate (unless you are in default) the loan just because the note holder files bankruptcy. You may wish to repost the question to AZ attorneys if that is where the property is located.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.

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Answered on 5/26/09, 12:16 pm


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