debt  legal


Question by  Christian37 (6)

What is the bankruptcy law about timeshares?

I'm in Virginia.


Answer by  patti (29325)

A timeshare is an asset. How it will be considered in a bankruptcy depends on the type of bankruptcy filed.


Answer by  patti (29325)

It depends on the type of bankruptcy you're filing. A timeshare is an asset that can be liquidated to help pay debts. Your attorney will discuss it with you and lay out the options so that your filing is in order and compliant so that the judge will approve the petition.


Answer by  vkcopper (358)

Timeshares can be purchased, if paid in full be deeded or non-deeded; can be passed on to your children. Bankruptcy, when a person is unable to pay its creditors. One needs to prove that there was some false statements, for the financial obligations of mortgages, maintenance fees and deceptive sales.


Answer by  Mary (2095)

A timeshare is property and would be part of the bankruptcy estate, which is sold to pay debts. The only possible exemption would be if you do not have equity in a home or other property you would like to exclude, it could be excluded up to $5000 value.

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