No bankruptcy spelled out, but the terms are spelled out about if they are 30 days late they get served a letter demanding the full balance within 30 more days or they lose it back to me. Basicly if they are more than 30 days late I send them a balance due for the rest of the amount of the installment sale (land contract). They then have 30 days from that letter to pay in full.
I would not really consider myself a creditor. They are making installment payments with interest, but the title is still in my name as this is not a mortgage, but a land contract and or "installment sale" when they pay in full the contract states that then they can get the title in thier name.
I called the attorney who wrote the contact up. He said I have no obligation to do anything about this letter unless i wanted to claim something above and beyond what they owe me for the purchase price when they bought it (like damages, removal of junk and personal property) He said in chapter 7 they have the option to keep paying on it, or walk away from it as is and i take possession again.
Yes they are up to date on payments, but at this time they are 8 days late![]()

