Land Contract Pro Se

[cathywhite4495]

Thank you for all the great advice on this site! I will be filing my Chapter 7 (pro se) within the next month. I have read the Nolo book on filing and many of the posts on this site. However, I am still confused about how to list my land contract. I think it should be under the Executory Contracts (Schedule G). I think that means I don't do the Real Property on Schedule A? I know I need to write my intention to continue this contract on my Statement of Intent but do I need to do a reaffirmation for the land contract?
This is the only weird part of my BK - I plan on reaffirming my vehicle loan and I have no assets so the rest of it is pretty straightforward. BTW - I'm in Michigan if that matters (going on 5 straight days of snow..grrr)
Thanks in advance!

[demismom]

I have NO idea, but we also have a Land Contract and have to do a SI as well, but as for the rest of it, I'm confused too. We're filing with an attorney though, so as soon as I get our Petition for review, I'll let you know what they did with our LC. We're in Michgian too, also 5 straight days of snow! We're in the Southern Part, where are you?

[cathywhite4495]

We're up in the U.P. Looking forward to seeing green again!
Thanks for your help. There is only 1 lawyer within a few hours of here that does bankruptcy. I'm going to call him on Tuesday and see if I can just buy an hour of time and get my misc questions answered. With my lack of assets, my case isn't too complicated.
I'm trying not to obsess over the BK, but I feel like it's consuming my life right now! I was actually doing great on keeping up with things untl I got a call from a collector last week pursuing 20K in a repo deficiency from 5 years ago! They literally laughed when I offered payments on a settlement. I'm a single mom and no way I can afford the garnishment they're threatening so here I go. I just started the land contract last month and it's with a co-worker so I'm a little worried about what she's going to think of me filing BK. I'll have to swallow my pride and talk to her in advance to try to ease her fears.
Good luck to you!

[demismom]

Our attorney indicated to me that a land contract gets exemption just like any other homestead. There is an intent to purchase, not just live in the house. BUT he did say it's a gray area, so I wasn't to get too excited about that.

[cathywhite4495]

More to add

I've done more research on my question and I've found that Michigan has a Land Contract Act that classifies a land contract under Executory Contract. I also found an instruction page for Schedule A on the US BK site that lists a land contract as an example of Real Property. The instructions say not to put Executory Contracts on Schedule A (which is how Michigan classifies as a land contract) but if a debtor is unsure if a property qualifies as Real Property under Schedule A or an Equitable Contract under Schedule G they SHOULD list them on both schedules. Double-talk anyone?!?
SO... will I annoy the trustee if I put my land contract under both schedules?
Demismom (or anybody else with a land contract) - do you know what your attorney did?
I have everything else ready to go but I don't want to screw up this piece of the petition.
Thanks for your help!!!!

[demismom]

I got my petition and it is listed on Schedule A, but after reading Schedule G, I put a sticky note questioning whether it should really be on Schedule G or ?????

I'll let you know how they answer that, hopefully next week sometime.

[cathywhite4495]

Thanks

Thanks for letting me pick your (and your lawyer's) brain! I almost have my paperwork done and I should be filing in the next 2 weeks. The court is 3 hours away so I'm going to have to take an afternoon off work to go. I can't wait to get the process started (and over).