Legal Question in Bankruptcy in Arkansas

Problem with real estate and client

I bought a house on owner financing. We discovered that the contract was written wrong, and the owners have now filed bankruptcy. My question is because we had a contract in disput do I have any rights to the house that I'm living in?


Asked on 11/11/03, 10:55 am

1 Answer from Attorneys
Harvey Harris Harris Law Firm

Re: Problem with real estate and client

It depends on what type problem there is with the contract. You might be able to salvage the contract if the problem is not extremely significant. Also, there may be another way to reserve your rights in the house. You said that you are living there. Have you paid anything? How much? Have you made any improvements to the property? Bankruptcy can move quickly, depending on whether it is a Chapter 7, 13, or other. You should act now if you want to try to keep the house. If you have a lawyer, I would contact him so he can explain in more detail what your options are. You may still be the owner of the house, subject to paying it off.

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Answered on 11/11/03, 1:59 pm


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