timeshare maintenance fee and asset ?

[kolabok]

What is the name of your state (VA)?

Own a timeshare with former spouse, usage is odd even years. It is paid in full, only the yearly maintenance is due 1st of every year.

filing a chapter 7 bankruptcy (individual) of all assets i own, but this one asset is jointly owned with the former spouse, per divorce decree. Cant imagine a value on it, but it will not give back what was paid for it.

Will I have to include this in my chapter 7 bankruptcy as an asset owned?

And anyway i can include the past year's maintenance fee as a debt with a chapter 7 bankruptcy without defaulting on the terms of the contract agreement?

I could not find much on understanding it in the context i stated

Thanks

 

[eerelations]

What is the name of your state (VA)?

Own a timeshare with former spouse, usage is odd even years. It is paid in full, only the yearly maintenance is due 1st of every year.

filing a chapter 7 bankruptcy (individual) of all assets i own, but this one asset is jointly owned with the former spouse, per divorce decree. Cant imagine a value on it, but it will not give back what was paid for it.

Will I have to include this in my chapter 7 bankruptcy as an asset owned?

And anyway i can include the past year's maintenance fee as a debt with a chapter 7 bankruptcy without defaulting on the terms of the contract agreement?

I could not find much on understanding it in the context i stated

Thanks

Why anyone would purchase a timeshare is completely beyond my ken. Sorry bro I can't help you.

 

[LdiJ]

What is the name of your state (VA)?

Own a timeshare with former spouse, usage is odd even years. It is paid in full, only the yearly maintenance is due 1st of every year.

filing a chapter 7 bankruptcy (individual) of all assets i own, but this one asset is jointly owned with the former spouse, per divorce decree. Cant imagine a value on it, but it will not give back what was paid for it.

Will I have to include this in my chapter 7 bankruptcy as an asset owned?

And anyway i can include the past year's maintenance fee as a debt with a chapter 7 bankruptcy without defaulting on the terms of the contract agreement?

I could not find much on understanding it in the context i stated

Thanks

Yes, you will have to include it in your bankruptcy...both the asset and the debt. Yes, it will also impact your divorce agreement. Unfortunately that is just reality. The good thing is that most judges are going to realize that timeshares aren't really assets as they have little to no resale value. However your ex husband is going to get stuck with your debt on the maintenance fees.

 

[quincy]

Yes, you will have to include it in your bankruptcy...both the asset and the debt. Yes, it will also impact your divorce agreement. Unfortunately that is just reality. The good thing is that most judges are going to realize that timeshares aren't really assets as they have little to no resale value. However your ex husband is going to get stuck with your debt on the maintenance fees.

A judge is "going to realize" this, huh?

There is a bankruptcy attorney who posts to this forum. You might want to wait for a post by "despritfreya."

 

[LdiJ]

A judge is "going to realize" this, huh?

There is a bankruptcy attorney who posts to this forum. You might want to wait for a post by "despritfreya."

Are you honestly trying to tell me that there is ANYBODY out there who doesn't realize that timeshares have no resale value? Seriously?

 

[quincy]

Are you honestly trying to tell me that there is ANYBODY out there who doesn't realize that timeshares have no resale value? Seriously?

Are you honestly trying to say that it matters? That a "realization" is adequate?

kolabok, please wait for despritfreya to post.

 

[LdiJ]

Are you honestly trying to say that it matters? That a "realization" is adequate?

kolabok, please wait for despritfreya to post.

Yes, it does matter. All non excludable assets have to be included in a Chapter 7 and the value of each matters. You are arguing just to argue.

 

[quincy]

Yes, it does matter. All non excludable assets have to be included in a Chapter 7 and the value of each matters. You are arguing just to argue.

The value of each matters. What a judge "realizes" doesn't.

Kolabok, please wait for despritfreya for the advice that matters.

From The Bankruptcy Site on timeshares, provided for informational purposes only:

https://www.thebankruptcysite.org/resources/what-happens-your-timeshare-and-timeshare-debt-bankruptcy

 

[Taxing Matters]

Will I have to include this in my chapter 7 bankruptcy as an asset owned?

Yes. All assets must be listed on your bankruptcy schedules.

And anyway i can include the past year's maintenance fee as a debt with a chapter 7 bankruptcy without defaulting on the terms of the contract agreement?

You need to list all the debts you have on the day you file the petition; you do not get to pick and choose the debts that go into the bankruptcy. You can choose to reaffirm certain debts if you wish, though this isn’t one that I would see as a good candidate for that unless you really, really want to keep that time share. Discuss that with your bankruptcy lawyer.

I would never buy into a time share deal. In my experience time shares are often not used nearly as much as the person thought when they bought into them, the annual fees can get out of hand, and they are notoriously difficult to get out of. And why keep going back to the same place each year for vacation anyway when there is a whole big world out there to explore? There are far better ways to go for vacation than time shares, IMO.

 

[HRZ]

IF your divorce contained a hold harmless provision you need to discuss that with counsel...I know some of the notice rules as to bankruptcy changed around 2005 ...but how this might impact your duty to hold other harmless..is best left to smarter folks than I.

 

[quincy]

IF your divorce contained a hold harmless provision you need to discuss that with counsel...I know some of the notice rules as to bankruptcy changed around 2005 ...but how this might impact your duty to hold other harmless.. nonsense is best left to smarter folks than I.

I have sent a private message to despritfreya. S/he qualifies as "smarter folks."

 

[despritfreya]

Ok, so I haven't read through the posts - have to leave in 5 minutes. Timeshares are assets. Chapter 7 Trustees do sell them. I agree they have little value but selling a timeshare through the Internet (wish I could remember the auction site bk trustee's use - if I do remember I will post it) is no big deal and if a Trustee can make a few bucks, he/she will sell it.

When I get home this evening I will read all the posts to see what the real issues are.

Des.

 

[kolabok]

Ok, so I haven't read through the posts - have to leave in 5 minutes. Timeshares are assets. Chapter 7 Trustees do sell them. I agree they have little value but selling a timeshare through the Internet (wish I could remember the auction site bk trustee's use - if I do remember I will post it) is no big deal and if a Trustee can make a few bucks, he/she will sell it.

When I get home this evening I will read all the posts to see what the real issues are.

Des.

I am legally bound by the divorce decree with my former spouse. WE have an obligation to alternate years, odd/even. This is a deeded property that is used by the owners/us once a year, with survivorship to immediate family member/children.
the maintenance fee is the same way odd/even.

The value is anybody's guess, since it is hard to compare to a standard. Certainly it was not worth what we paid for it.

I guess my only question would be how is this an asset to be listed , when it is jointly owned together with a former spouse and equally divided between? I would believe the court record of divorce issued with decree, is superior to the asset requirement, simply because it has no recoverable value and is a vacation week split equally between the owners, but I don't know, that's why I ask before I file

thanks

 

[kolabok]

The value of each matters. What a judge "realizes" doesn't.

Kolabok, please wait for despritfreya for the advice that matters.

From The Bankruptcy Site on timeshares, provided for informational purposes only:

https://www.thebankruptcysite.org/resources/what-happens-your-timeshare-and-timeshare-debt-bankruptcy

informative!. But two questions popped up, to be treated as a luxury item and homestead exemption. in VA its 5000. Seems since a timeshare is worth a little more than dirt, it could fall way below 5000, IMO.

 

[kolabok]

IF your divorce contained a hold harmless provision you need to discuss that with counsel...I know some of the notice rules as to bankruptcy changed around 2005 ...but how this might impact your duty to hold other harmless..is best left to smarter folks than I.

what does that mean, hold harmless provision?