Mandeville, LA asked in Bankruptcy for Louisiana

Q: I am the Seller under a bond-for-deed in Louisiana. The Buyer has been in default for a while, but I have not exer-

cised repo rights (contract states my repo rights are not voided if I voluntarily don't repo upon a default). Have been working with Buyer as they are friends. Have just learned they are filing bankruptcy to escape credit card debt, but I am concerned what happens to my rights as Seller under bond-for-deed if Buyer files for bankruptcy.

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1 Lawyer Answer
Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: They can reaffirm that debt and keep paying or they can reject the contract and walk away from it.

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