Legal Question in Bankruptcy in Minnesota

Re: Contract for Deed & Bankruptcy

Your question does not clearly say if you are buying or selling with the contract for deed.

If you are selling, then the contract for deed is an asset, like stock or money in the bank, and it could make a Chapter 7 much more difficult. In a Chapter 13, however, they would only look at the cash flow and not the asset itself.

If you are buying, then the real estate being purchased is like any other real estate you might own, and would be exempt if it is your homestead.

Good luck.

Re: Contract for Deed & Bankruptcy

In a typical case, as long as you are current and continue making the payments on the contract for deed, then you will be able to keep the home and loose the credit card debt.

In order to better answer any questions, I would recomend speak with an attorney that practices in bankruptcy. If you wish to call us to setup an appointment, please call us at 651-628-9929