My husband and I went into a lease purchase agreement with a homeowner several months ago, and a couple of days ago received papers that he has filed for Chapter 7 Bankruptcy. We don't want to move, our intentions are to buy the home. What should be our next step? Should we go to the meeting of creditors? We don't want to wait until we get the notice of eviction from the bank(foreclosure). Thanks for all help.

There may be little you can do right now.

I suppose you could attend the meeting, but you would not be considered a creditor so I'm not sure it would be of any advantage to you to be there.

I believe that all you really can do is to wait until the foreclosure/bankruptcy is complete, then you may be able to negotiate with the bank, to purchase the property.

Sorry about your luck on this one, it is happening on a regular basis right now.

Quote:

---

Originally Posted by familywfaith

My husband and I went into a lease purchase agreement with a homeowner several months ago, and a couple of days ago received papers that he has filed for Chapter 7 Bankruptcy. We don't want to move, our intentions are to buy the home. What should be our next step? Should we go to the meeting of creditors? We don't want to wait until we get the notice of eviction from the bank(foreclosure). Thanks for all help.

---

If he has any money other than rent you MUST appear for that reason - if, for example, you are paying $1,000 a month, $500 rent and $500 toward purchase, then that $500 should come back to you if the deal folds and you could lose it, have it liened against, whatever the case may be.

Yes, I would go to the meeting and see what is said - it'll also give you a very clear understanding of your rights and, perhaps, obligations.

I am afraid if you do nothing you may live to regret it.

You were "noticed" because your name somehow is involved in this.