In re Beacham (Ch. 13 Case No. 05-51927, Adv. No. 05-05109)
The debtors signed a Contract For Deed to purchase certain unimproved real property. The debtors were to make monthly payments for 20 years. The creditor was to convey legal title after the debtors satisfied their obligations. The debtors defaulted and filed for bankruptcy relief. The court held that the Contract For Deed had not terminated prepetition and that the unimproved real estate was not the debtors' principal residence as that term is used in 11 U.S.C.A. ยง 1322(b)(4).
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Friday, February 17, 2006