How do they treat a timeshare?

[SweetGeorgia]

We have one; it's paid off but the delinquent fees are a whopping $6,000. As far as I know, they haven't converted the debt to a lien or foreclosed. Figuring out the value of the thing is darn near impossible. We paid $16,000 for it, but it could be worth nothing more than navel lint.

And that would be our ONLY asset. Would they go through the trouble of making us an asset case for that? I'm happy to sign it over, of course. I just don't want to provoke the trustee by claiming a really low value. Lawyer's out of town for the weekend.

[ColoradoBell]

Disclaimer: I don't know nuttin bout no bankruptcy laws

But I know a little sumthin about timeshares.

I've seen trustees try to sell timeshares and except for a few like disney, marriot, Starwoods......they are fairly worthless on the resale market.
You can find a good indicator of fair market value however on EBAY...go there , go to timeshares, plug in the name of your resort and see if there are any being offered for sale.

Most go for $100 for the cheap ones. Hawaii timeshares (the highest costing) for maybe $5000k. I almost bought a bankruptcy timeshare once...the trustee was asking $1200 but it was too much so I passed.

It seems that if it is a -$6k in debt, then it would be worth next to nothing unless its a major name timeshare.