A lot of people have foreclosures, and bankruptcies after the market crash.

Some trusts can also protect assets in the event of a bankruptcy or lawsuit.

Yes, you can exercise the option but that also brings up my original point on options, to many other potential issues can prevent you from acquiring title e.g. seller bankruptcy, liens, additional borrowings, etc., and yes you have legal recourse to mitigate these issues but that doesn't necessarily mean the financial means will be available to cure whatever the issues are that may arise.My suggestion would be to seriously consider an acquisition of this magnitude where you acquire fee simple title.

I am also looking to present to the Bankruptcy court (good if you read up on the laws and procedures for Chapter 11- many of these deals occur in the BK courts.

We have a property the owners are thinking of filing bankruptcy.

I've got a friend with more than $2MM in equity that was on the verge of bankruptcy in 2008 because you can't eat or spend equity. 

I believe there is a bankruptcy involved. 

Specifically, at this meeting I'm looking to meet with: Attorneys (real estate, probate, bankruptcy & foreclosure)BankersMortgage BrokersRE InspectorsLandlordsProperty ManagersWholesalers Plan for 30 minutes to get to know one other and discuss potential partnership opportunities, and share  contact info (and a coffee!)

Additionally, the fact that his company filed for bankruptcy protection in 2012 definitely made me glad that I didn't really take the book to heart. 

There is actually a ton of guidance on many different topics inside that guidance including but not limited to payment allocation, force placed insurance, bankruptcy responses, payoff demands and others topics as they related to the amendments of RESPA and TILA or Regulations Z and X which is what govern mortgage settlement and servicing.