Legal Question in Real Estate Law in Illinois
Land Contracts
Can A Person Break a Contract at will?I'm living in a home I am buying on contract.The owner is going Bankrupt and although he could affirm the debt on the home has decided not to and my family and myself are at risk of being thrown out.Can he legally do that?
2 Answers from Attorneys
Re: Land Contracts
The bankruptcy extinguishes his obligation, however you may try to redirect your payments to his mortgage company, and bring a suit to quiet title, to any other liens or mortgages against the real estate, if possible, also need to move quickley to see if the bankruptcy court will allow you to bring suit for declaratory judgment only, not money damges or specific performance.
Re: Land Contracts
It would appear to me that upon filing of a bankruptcy petition (Ch. 7), the US Trustee would be the owner of this chose in action. I would think that you would file a pleading in the bankruptcy action to enforce your rights vis a vis the Trustee, thus benefitting the bankruptcy estate. Please retain a good bankruptcy lawyer, and good luck!
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