I'm new here and have been scouring the site in hopes of finding some info. on what happens with Timeshares. I have one that is paid off in Florida and the monthly maintenance fees are only $33.00. It's not worth much if I tried to sell it. Maybe if I were lucky I'd get $300. I'd like to keep it. My attorney says timeshares are pretty much a pain in the butt for the trustees to even mess with but they may want me to pay them for it. (I don't know all the proper BK lingo yet so forgive me). So for anyone that has owned a paid off Timeshare as they went through BK Chapter 7, what has been your experience with your timeshare (in regard to the trustee)? Any advice?
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We have two timeshares. One of the attorneys we spoke with said if we wanted to keep them, we could include them in our "wildcard" exemption, then we would be able to take off the maintenance fees. I am not sure if we can or not as we haven't filed yet. I wouldn't mind getting rid of them as it is at least $1,500-$2000 year cost to us. Another attorney (who we will probably go with) said we could turn them back in to the trustee. But, we haven't filed yet, so not sure how it all plays out.
Keep us posted on what you can do.
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not that experience. i dont' think a trustee wouldn't look at your timeshare as nothing more than an asset and will expect you sell it, unless you can prove it's not worth anything. (which here in florida the ts have lost so much of their value). we did have one but just did a warranted deed and handed it over to them.8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9
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Originally posted by tobee43 View Postnot that experience. i dont' think a trustee wouldn't look at your timeshare as nothing more than an asset and will expect you sell it, unless you can prove it's not worth anything. (which here in florida the ts have lost so much of their value). we did have one but just did a warranted deed and handed it over to them.
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Originally posted by basketsbears View PostWe have two timeshares. One of the attorneys we spoke with said if we wanted to keep them, we could include them in our "wildcard" exemption, then we would be able to take off the maintenance fees. I am not sure if we can or not as we haven't filed yet. I wouldn't mind getting rid of them as it is at least $1,500-$2000 year cost to us. Another attorney (who we will probably go with) said we could turn them back in to the trustee. But, we haven't filed yet, so not sure how it all plays out.
Keep us posted on what you can do.
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My paralegal told us that the trustees in Florida are generally taking the timeshares now. Especially the more popular ones like Disney. They didn't use to find them worth their time and effort and ignored them but I guess that has changed within the last couple of years. We have one we would like to keep but may not have enough exemptions to do so. We can exempt most of it so I will have to see what happens when we get to that point.Filed Chapter 7: Feb. 9, 2012
341 Meeting: March 14, 2012
Discharged & Closed: May 21, 2012
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About 8 years ago my ex and I went to Florida and decided to attend one of the "timeshare seminars". Somehow, don't ask me how, they talked him into buying a timeshare for $32,000. Nothing I said at the time detered him and he went ahead and signed the papers. While we were driving back to our hotel we saw a billboard that was advertising timeshare re-sellers. I made him go in and found the exact same timeshare in the same complex for $5000. Since we were approached to buy the original timeshare we had 3 days to recind what we signed...trust me we were there for about 6 hours just to sign that, they don't make it easy for you and were LIVID we were backing out. We got to keep the free gifts -
Our maintenance fees, I think were about $600 a year. He wanted to save our points and go to Hawaii which would of taken about 3-4 years of points. I pointed out that we could of just spent the $7,000 it was costing us in that amount of time and gotten the whole darn vacation paid for instead of just the timeshare unit for a week. He ended up getting the timeshare in our divorce which was fine by me. We never did go to Hawaii! LOL. Such a HUGE waste of money that could be spent elsewhere on your vacation. If you just do your research and plan ahead of time you can get very nice places to stay on a budget. Who stays in their hotel room on vacation anyway?
Timeshare realtors are pirranna's out to get every fish in the sea and to me use tactics that are just as bad a debt collectors.Filed 11/17/11 Chapter 13, 341 meeting 12/21/11. Plan confirmed 1/19/12 - DISCHARGED 12/16/15
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Originally posted by butterfly57 View PostWell, mine is in Florida and the little bit of research I've done shows it's not worth a heck of alot. I went on Ebay and for double the points I have at the same particular Wyndam location, they're trying to sell it for $375. So that would make my timeshare valued in the vicinity of $187.50! Of course back in the late 90's it cost around $6,000 plus add finance charges....yow! I'm not sure what proof I would need to show the value of this, I don't even have the paper deed to the property. Any ideas as far as what proof the trustee needs?
you so right on this. ours was about the same ...and i think by the company you mentioned ours was the same company. we paid at first cash but then upgraded and would see these things on ebay for NOTHING...actually i even know someone that purchased on of the ones we upgraded by approx 8k for $500!!!!
so i would go for it, if i haven't owed on it, i most likely would have gone for it was well since they now have no value like you have pointed out.8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9
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Originally posted by mountanddo View PostAbout 8 years ago my ex and I went to Florida and decided to attend one of the "timeshare seminars". Somehow, don't ask me how, they talked him into buying a timeshare for $32,000. Nothing I said at the time detered him and he went ahead and signed the papers. While we were driving back to our hotel we saw a billboard that was advertising timeshare re-sellers. I made him go in and found the exact same timeshare in the same complex for $5000. Since we were approached to buy the original timeshare we had 3 days to recind what we signed...trust me we were there for about 6 hours just to sign that, they don't make it easy for you and were LIVID we were backing out. We got to keep the free gifts -
Our maintenance fees, I think were about $600 a year. He wanted to save our points and go to Hawaii which would of taken about 3-4 years of points. I pointed out that we could of just spent the $7,000 it was costing us in that amount of time and gotten the whole darn vacation paid for instead of just the timeshare unit for a week. He ended up getting the timeshare in our divorce which was fine by me. We never did go to Hawaii! LOL. Such a HUGE waste of money that could be spent elsewhere on your vacation. If you just do your research and plan ahead of time you can get very nice places to stay on a budget. Who stays in their hotel room on vacation anyway?
Timeshare realtors are pirranna's out to get every fish in the sea and to me use tactics that are just as bad a debt collectors.
now they can keep them!8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9
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Originally posted by mountanddo View PostAbout 8 years ago my ex and I went to Florida and decided to attend one of the "timeshare seminars". Somehow, don't ask me how, they talked him into buying a timeshare for $32,000. Nothing I said at the time detered him and he went ahead and signed the papers. While we were driving back to our hotel we saw a billboard that was advertising timeshare re-sellers. I made him go in and found the exact same timeshare in the same complex for $5000. Since we were approached to buy the original timeshare we had 3 days to recind what we signed...trust me we were there for about 6 hours just to sign that, they don't make it easy for you and were LIVID we were backing out. We got to keep the free gifts -
Our maintenance fees, I think were about $600 a year. He wanted to save our points and go to Hawaii which would of taken about 3-4 years of points. I pointed out that we could of just spent the $7,000 it was costing us in that amount of time and gotten the whole darn vacation paid for instead of just the timeshare unit for a week. He ended up getting the timeshare in our divorce which was fine by me. We never did go to Hawaii! LOL. Such a HUGE waste of money that could be spent elsewhere on your vacation. If you just do your research and plan ahead of time you can get very nice places to stay on a budget. Who stays in their hotel room on vacation anyway?
Timeshare realtors are pirranna's out to get every fish in the sea and to me use tactics that are just as bad a debt collectors.
If the trustee makes a big deal about it then they can have it, good riddance!
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Originally posted by butterfly57 View PostThis is kind of ironic, I got the Timeshare in my divorce because my goal was to eventually go to Hawaii! It was paid off and the maintenance fees were & still are fairly low and affordable for me. But, you are so right about the timeshare realtors being piranha's! A simple 45 min sales presentation turned into an all day affair. The very first one we ever went to we didn't buy simply because we could not afford it. Wow was the sales person extremely angry! She accused my then husband of not caring about me enough to purchase something that would give me pleasure because I worked so hard! It wasn't pretty, she turned into a scary person. A couple of years later we went again to another Timeshare presentation and were able to afford it and we got sucked in. It didn't take me until a few years ago that I realized how little value my timeshare is in terms of selling it. And after owning it 10+ years I still haven't gone to Hawaii, the airfare has always been unaffordable for me.
If the trustee makes a big deal about it then they can have it, good riddance!Filed 11/17/11 Chapter 13, 341 meeting 12/21/11. Plan confirmed 1/19/12 - DISCHARGED 12/16/15
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Originally posted by mountanddo View PostWell butterfly, maybe we should make a goal to get to Hawaii within the next 5 years ;) I know I'll enjoy it so much more now that I am divorced LOL
Let's put a date on the calendar. 2016, all these bk's behind us, bright futures...
Went once in a previous life with miles so air was FREE.
Butterfly, if you can keep your timeshare and use it there, we're all staying with you
I'll start packing my swimsuit.
Keep On Smilin'
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Originally posted by keepsmiling View PostHey I wanna go too!!!!!!
Let's put a date on the calendar. 2016, all these bk's behind us, bright futures...
Went once in a previous life with miles so air was FREE.
Butterfly, if you can keep your timeshare and use it there, we're all staying with you
I'll start packing my swimsuit.Filed 11/17/11 Chapter 13, 341 meeting 12/21/11. Plan confirmed 1/19/12 - DISCHARGED 12/16/15
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