Shreveport, LA asked in Bankruptcy for Louisiana

Q: Can the Seller in a Bond for Deed file Chapter 7 within 3 months of agreement?

I understood that the Mortgage Company had to sign of for the Bond for Deed. To my knowledge that did not happen due to the fact the Mortgage company wouldn't give me my 1098 for taxes. They told me my name was not on the loan which I knew. When I finish paying the loan off will it become mine or who will it go to?

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1 Lawyer Answer
Robert Martin Louque Jr
Robert Martin Louque Jr
Answered
  • Bankruptcy Lawyer
  • New Orleans, LA
  • Licensed in Louisiana

A: How did you manage to "sell" property on a bond for deed contract that you do not own. Aside from those problems, let's assume you are the legitimate seller on a bond for deed contract. If you file Chapter 7, the trustee would likely be very interested in seizing that asset and selling it or collecting the money from the buyer. It has to be listed as an "executory contract" and is quite frankly a very attractive asset that a Chapter 7 debtor would typically lose.

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