We own a timeshare that has approx. $1800 equity (that's at resale market values; it's about $4000 in equity when using retail) and a mortgage. We can exempt the equity in it, and we can afford the payment. As this is something we actually use, we'd like to re-affirm the debt.
My question is...can the courts tell us to give up the timeshare to free up the payment money to fund a chapter 13 and then dismiss us? Or can they not do it since the equity is exempted?
If we surrender it, then we're an asset case if I understand things correctly.
We're under the median if that makes a difference.
TIA!
My question is...can the courts tell us to give up the timeshare to free up the payment money to fund a chapter 13 and then dismiss us? Or can they not do it since the equity is exempted?
If we surrender it, then we're an asset case if I understand things correctly.
We're under the median if that makes a difference.
TIA!