Legal Question in Bankruptcy in Illinois

Reclaiming Property

Income from a farm that was collateral for a debt was seized during the bankruptcy by such creditor. Title did not pass as the heir who had inherited the farm only got use of such farm but could not sell it or put the title up as security. Full and unemcumbered Title to the farm will pass to the current heir's heirs unpon her death. The bankruptcy was finalized in 1987 so the creditor has received more than enough income from the farm to satisfy the debt. Can control of the farm be reclaimed by the person who had originally inherited it?


Asked on 9/18/01, 8:34 pm

1 Answer from Attorneys
Bruce Buckrop Bruce Buckrop

Re: Reclaiming Property

IF THE CREDITOR PURCHASED FROM THE "BK ESTATE" THE LIFE ESTATE INTEREST OF THE FARM PROPERTY, IT IS THEIRS TO KEEP TILL IT RUNS OUT, i.e the death of origiNal life estate holder, NOT SURE IF THIS ANSWERS YOUR QUESTION

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Answered on 11/15/01, 5:18 pm


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