Timeshare and maintenance fee

[HOMEBODY]

I have a timeshare that I dont want to let go. It was paid in cash about 7 years ago for about $6,000.00 and its in Mexico. Will I lose this timeshare? I understand that CA has a wildcard and I could put that in there. The timeshare would not be worth much now and i dont even know what value I would put on it. Also what about the maintenance fee? Do I list it as a debt and if I dont pay the maintance fee and it gets discharged, will the company take back the timeshare?

I was actually thinking of leaving it out of the BK since its an ownership in Mexico. I havent used it in 2 years since all the violence in that area, but now I have this maintenance fee of $600 that is going to collection.

[justbroke]

You can keep it using the generous California System 2 unused homestead exemption. Provided that you're not using the homestead exemption for a home in California. Generally speaking, Trustees don't like foreign real estate as it's too hard to deal with anyway. Add to that, that it's a timeshare and it's like taboo!

If you don't pay the maintenance fees on the timeshare, then the timeshare owner will probably foreclose for the fees. if you bankrupt the fees, you won't have to pay them, but they'll foreclose on the property.

What are you really trying to do? Reads like you want your cake and eat it too? I think you want to keep the condo, but not pay the "past due" fees. I don't believe you'll be able to do this.

Also, there is no "leaving it out of the BK". Everything you own becomes part of the Bankruptcy Estate. The only "choice" you get is whether you want to reaffirm, redeem or surrender.

To me, it seems that you should list the Condo for sale and be done with it. Your fees are in arrears, you're going into Bankruptcy, and you don't even like the place. That's a trifecta of reasons!

[HOMEBODY]

Thanks justbroke.. it is not a condo..just a timeshare that I have a week every other year. I bought it for $6,000 and paid in cash.. Now its worth about $2,000 if anything..and I am just guessing.

I am listing the fees because it says that you have to list all of your debts..I can always call them and see what they want to do..If I have to pay, I will pay. Its like a vacation plan that I can use anywhere, so it is worth to keep it.