What happens to a Land Contract Purchase of Real Estate when the Purchaser files for Bankruptcy?

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When a property is purchased on contract, land contract or some other form of agreement where the purchaser is renting to own real estate and the purchaser files for bankruptcy it can leave the seller in a precarious position. One of three things is likely to happen depending on the circumstances: eviction, reaffirmation or everybody takes their chances

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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