Contract For Deed And Bankruptcy
I have a potential buyer for my condo, selling it contract for deed. She wants to put 30k down on the place, fine by me! Anyhow she made an offhand comment about her thinking about filing for bankruptcy sometime in the future. If she does this do you know if it will affect my contract for deed sale down the road?
Be careful...be very careful. If she files, she can (and probably will) name you in the BK (no matter how many promises she might make otherwise).
She will then be able to buy months of free rent while you work your buns off for a relief from the stay in the BK (at your expense), followed by a foreclosure action (at your expense), followed by an ejectment action (at your expense), followed by a quiet title action (at guess who's expense) , and so on.
And throughout it all, she has a warm and cozy little vine-covered cottage to live in while you pay her housing costs and your legal expenses (…and psychiatrist).
Bill Gatten