Legal Question in Bankruptcy in Minnesota

contract for deed

i have sold a property on a contract for deed, i'm looking at bankruptcy and wondering how that will be affect as at the end of three years their could be some money to me from that property.


Asked on 2/25/09, 3:17 pm

2 Answers from Attorneys
David Kelly-952-544-6356 Kelly Law Office

Re: contract for deed

The contract is an asset that has to be listed as such in your bankruptcy case if you file. If it has substantial value, you might not be able to claim it as exempt. If it is not exempt, the asset could be taken from you - at least in a Chapter 7 case.

Result could be different in a Chapter 13. You need to consult face to face with a good bankruptcy lawyer.

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Answered on 2/25/09, 5:13 pm
Sam Calvert Calvert Law Office

Re: contract for deed

All your assets need to be listed in a bankruptcy, so that you can keep the ones that the bankruptcy laws let you exempt (keep).

The issue will be: how much is the asset worth? what are your other assets worth?

You should consult an experienced bankruptdcy attorney and talk about chapter 13 and chapter 7 (and possibly 11 and 12)

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Answered on 2/27/09, 10:44 pm


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