If you are looking to sell your timeshare, then you will learn a lot from this article. If you are going through a Chapter 7 bankruptcy, then your timeshare should be included as part of your assets that will be taken over. It wouldn’t be considered an excluded asset.
Of course, if you have been having trouble keeping up with your timeshare maintenance fees, you will probably consider this a good thing. Most timeshares have little resale value so it is difficult to dispose of them. Your trustee and your creditors will probably have no particular interest in it as they will find it difficult to get rid of themselves and it likely won’t cover any of the debt you owe various creditors.
In fact, while your trustee will likely hate your for it, being able to walk away from your timeshare is probably one of the few upsides to going through a bankruptcy. Every thing else you are required to give up is something you are going to miss, but when you give up that timeshare you will probably heave a massive sigh of relief.
That said, I don’t think I would consider going through bankruptcy just to get some timeshare relief, especially if the timeshare is at least paid for and you only owe maintenance fees or a special assessment for it.
No, in that particular case, I think you are far better off tr
ying to sell your timeshare on your own or even give it away if you must. I would even talk to the board of directors at the resort and see if they would be willing to take the deed back. Nine times out of 10 the answer will be no, but some timeshare associations do have a resale office set up and if they think they can sell it quickly, they just may be interested in a take-back.
If that fails, sometimes promising a potential owner that you will cover the maintenance fees for this year, but still provide them the use of the unit is enough to get someone interested in making the purchase. With any luck, you can dispose of it before next year’s maintenance fee becomes due.
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