Timeshare/maintenance fees

[sleeplessinohio]

Hello all,

We live in Ohio, but have a timeshare located in Florida. Our maintenance fees are due within the next six weeks.

We are hoping to file Chapter 7 bankruptcy sometime between March and June. I don't even really know what/how to ask.

Will we lose our timeshare? Is this something that can be exempted? Should we pay the fees (about $600).

Thanks for any insight you might have.

sleepless in ohio

[sleeplessinohio]

Still hoping someone might be able to give some insight to this issue?

[southernbelle]

You must include the timeshare in your filing. Since this is not your primary residence, I would say you will probably lose it because it isn't necessary and is a luxury item. If you pay the $600 it could be viewed as a preferential payment since it is a luxury item so I wouldn't if you know for sure that you are filing BK.

If it were me, I'd just write it off in the bankruptcy and let it go. You can always get another one down the road.

JMO, good luck.