Demismom -land contract?

[cathywhite4495]

Hello,
I posted a question a while back about if a land contract would be on schedule A, G or both. THen I decided to try to dig my way out and not file bankruptcy. I just got yet another letter threatening to sue so I'm going to bit the bullet and file next week. Anyway, did you ever get an answer from your attorney about where to put a land contract?
Thanks!

[demismom]

Hi Cathy: They listed it under Schedule A & G.

Schedule A: Nature of Debtor's Interest (Equitable Interest - Purchasing on Land Contract), Current Value of Debtor's Interest ($0), Amount of Secured Claim ($0),

Schedule G: They just listed the owners of the property we're buying it from and under the last column they put Land Contract for residence current assume.

If you need anything else, let me know.

[cathywhite4495]

Thanks so much! Did you get to count any of the homestead exemption? I was thinking about using the federal exemptions so I could use some of the extra towards other things if needed. I might not need to - I own a depressingly small amount of stuff!!

I noticed you have your 341 coming up - good luck to you! I think I'll feel better once I get this show on the road and stop trying to put it off.

[demismom]

They were still up in the air about that. They just weren't sure how the Trustee is going to view the Land Contract. We have about $20,000 in equity in the house if we were the owners, based on what is still owed and the value. So, if we do get the exemption it's covered, BUT the attorney feels that basically we're just glorified renters. We don't really have any tangible equity in the house. If we defaulted on the LC we would just walk away from it and leave the owners hanging, not like in a situation where you have a mortgage or anything. It's all a bit murky to me, but I sure hope they're right!