If I file for bankruptcy, could I keep my home if it's rent to own and it's not behind? 11 Answers as of December 02, 2015

I was thinking about older overwhelming depths when looking into bankruptcy.

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Ronald K. Nims LLC | Ronald K. Nims
Yes, bankruptcy allows you to maintain a rent to own contract.
Answer Applies to: Ohio
Replied: 12/2/2015
Law Office of Susan G. Taylor
Law Office of Susan G. Taylor | Susan G. Taylor
Yes, if the amount of equity & your other assets fit within the chosen exemption scheme.
Answer Applies to: Texas
Replied: 11/20/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You need to see local counsel. "Rent to own" presents unique problems. These were quite popular in past recessions and your exact legal rights vary in how it is set up. Try finding one at NACBA.org
Answer Applies to: California
Replied: 11/19/2015
Goldsmith & Guymon
Goldsmith & Guymon | Marjorie Guymon
Yes, you can keep as long as you are current.
Answer Applies to: Nevada
Replied: 11/19/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
If you are buying the property on a rent own contract, Nevada law allows you to protect up to $550,000 in equity in this home. If you are selling on rent to own, there is little or no protection for your contract of sale.
Answer Applies to: Nevada
Replied: 11/19/2015
    GARCIA & GONZALES, P.C. | Richard N. Gonzales
    Maybe yes, and maybe no. Meet with an experienced BK lawyer. Be willing to pay for a one hour consultation so you do it right the first time. You have to much to lose.
    Answer Applies to: Colorado
    Replied: 11/19/2015
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Possibly, but no firm answers either details and a full understanding of the facts.
    Answer Applies to: Michigan
    Replied: 11/19/2015
    Garner Law Office
    Garner Law Office | Daniel Garner
    The answer depends on the homestead exemption available to you. Typically, your rent to own contract would be viewed like a mortgage and the homestead exemption is geared to the equity you have in the home (market value minus debt.) Homestead exemptions vary by state. Oregon and many other states allow their residents to choose whether to apply state or federal exemptions, so you really ought to get legal advice on the best approach.
    Answer Applies to: Oregon
    Replied: 11/19/2015
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    Answer Applies to: Florida
    Replied: 11/19/2015
    Stephens Gourley & Bywater | David A. Stephens
    Probably, yes.
    Answer Applies to: Nevada
    Replied: 11/19/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    Generally you can. But consult your lawyerand if you do not have one, hire one now. Good Luck.
    Answer Applies to: Wisconsin
    Replied: 11/19/2015
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