Include timeshare in Ch. 7?

[Humonese]

I know it seems like a silly question, as "investments" like this are what got us to the bankruptcy point, but I'm not sure if we should include our Cancun timeshare in our Ch. 7 filing. (Well, this got us here and a tremendous stock loss and a major loss on a house.....anywayyyyy....)

The contract is with a Mexico-based company and we're only $3k away from paying it off in full and we would have 20 more years of a paid for week in Cancun. If we include it, we throw away the last 5 years of payments and have nothing.

Once our $90k in unsecured debt is gone, we can easily afford the payment.

Is this an immature question?

This bankruptcy is killing me stress-wise, I can't think straight.

[frustrated7]

I'm not really sure about the answer to your question, but unless you have enough to exempt it, you will probably lose it. It would suck, but that's what I think would happen. You should ask an attorney about this to be sure, though I think the people on this board know more than half the attorneys around where I live.

The BK thing is killing me stress-wise as well. You are not alone.

[Humonese]

We're filing on Monday, I'll ask then too. I was just looking for some feedback I guess or someone who had the same issue or similar.

[skpark701]

We're filing on Monday, I'll ask then too. I was just looking for some feedback I guess or someone who had the same issue or similar.

Did you include the timeshare in your BK 7 filing??? What did your attorney advise you???

I'm having same issue at the moment...

Please let me know.

Thank you.

[relief13035]

The question is: do you want to keep it? Can you afford the monthly payment and the yearly maintenance fees? Do you want to go to Cancun every year for the next 20 years?

If I had to guess, I don't think the trustee will want it. Re-sell timeshares are selling for cheap online.

Take time to really think this one out. Let us know what you decide.

[imoverit]

I have a timeshare and just filed. I still owe on it and I wanted to keep it. It's such a small payment for what you get for it. My lawyer said the trustee generally doesn't mess with it. So we will see! Not the end of the world if we lose it, but it would be nice to keep it!

[skpark701]

I own it free and clear and I can afford the annual fees however, I paid $50K for it few years ago. And yes I do want to keep it...
I've been checking and others are selling the same timeshare unit for less than 15K. If the trustee will take it I'm willing sell for that....
What do you think???

[catleg]

I bought a timeshare in Polo Towers in Las Vegas on Ebay. Worst mistake I ever made. The company can't figure out how to send a bill, instead annually I get threatened with lien and foreclosure. I can't wait to get rid of it in BK. (I owe nothing on a mortgage, just jacked up maintenance fees and add-on crap.)
It's truly buyer beware with that stuff.

[Humonese]

My lawyer, believe it or not, said don't even mention it from here on in since it's a Mexico-based company that we owe. I can afford the payment once our mountain of CC debt goes away, and we don't owe much on it. Odd advice.

[zpbk13]

We own a timeshare in Orlando (Disney Vacation Club) and I asked our attorney about it. She said that trustees here don't want to be bothered with them and as long as we want to keep it, there should be no problem. Now we are just trying to decide if we want to part with it as we do still have a couple of years of payments left and then there are the dues that keep going up every year.

[imoverit]

We own a timeshare in Orlando (Disney Vacation Club) and I asked our attorney about it. She said that trustees here don't want to be bothered with them and as long as we want to keep it, there should be no problem. Now we are just trying to decide if we want to part with it as we do still have a couple of years of payments left and then there are the dues that keep going up every year.

Ours is with DVC too. We keep flip flopping about keeping it or not. I kinda hope the trustee takes it to make the decision for us. I want to hang on to it for use but in reality we should probably let it go. It is current though. decisions decisions...

[skpark701]

We own a timeshare in Orlando (Disney Vacation Club) and I asked our attorney about it. She said that trustees here don't want to be bothered with them and as long as we want to keep it, there should be no problem. Now we are just trying to decide if we want to part with it as we do still have a couple of years of payments left and then there are the dues that keep going up every year.

So did you tell the trustees that you have the timeshare???

[zpbk13]

imoverit - we are in a similar boat; if the trustee took our DVC then I would feel like oh well; but to make the decision ourselves to part from it is hard; I have totally drank the koolaid when it comes to DVC; we have owned since 2001 though so we've seen a lot of changes; post back what you decide to do; you might just give us courage to do the right thing! :O)

skpark - we intend to disclose it. We are probably leaning toward filing a 13 though and since we still have a payment, will want to account for that and the dues which total $212 per month. I'm sure our 13 budget will be tight so there is no way we could make a payment on it if we didn't disclose it and make sure it's a part of our monthly budget.

[ready2puke]

I had an attorney that told me not to disclose property I had in Mexico, since part of it was bought with my IRA...not good advice, for me at least. The rest was paid with cash and if the Trustee found out....fraud and jail for both me and the dick attorney..
I'm taking the chance that the Trustee wont take it for several reasons..IRA owns 35% so that part is protected. The property is worth 85K now and I paid 135K...I'm exempting 15K and with the commissions, and all the HOA and property taxes I owe...It would be worth maybe 1500 in his pocket to try and sell dirt in Mexico (no house on it). I'm hoping with all thats happening in Mexico that when I'll file he wont want to be bothered with it.
I would be very careful not disclosing it tho...