Columbus, Ohio Chapter 7 Bankruptcy & Chapter 13 Bankruptcy Lawyer
The Columbus Bankruptcy Lawyer
ATTORNEY SCOTT R. NEEDLEMAN
Timeshares and Bankruptcy, Columbus, Ohio
As you move through the bankruptcy process in Columbus, Ohio of filing for chapter 7 or chapter 13 bankruptcy in Columbus, Ohio, you will take a close look at your assets and debts.
What about timeshares and bankruptcy?
For many, this means examining the current setup associated with a timeshare. If you want to get rid of a timeshare in bankruptcy, it is typically a simple process. All you have to do is tell your trustee that you prefer this, and he or she will attempt to honor this request. On the other hand, if you want to keep your timeshare you will find it a bit more challenging.
Two Types of Timeshares To Consider When Filing Bankruptcy
- Here are the two types of timeshares:
- One in which you have real ownership of a property
Timeshares in Chapter 7 Bankruptcy
With a Chapter 7 bankruptcy filing in Columbus, Ohio, a timeshare is categorized as non-exempt. If you own the timeshare, you have two options:
- Hand it over to the trustee as a means of selling and paying off creditors
- Pay the value of the timeshare
Note: although you can surrender the timeshare to your trustee, there is no guarantee of a sale. Timeshares are notoriously difficult to sell.
Timeshares in Chapter 13 Bankruptcy
When you file Chapter 13 bankruptcy, you are not required to hand over any assets to the court. Instead, you will repay the value of your timeshare to creditors over the term of your repayment plan, which typically lasts three to five years.
With Chapter 13, you are eligible to keep your timeshare, however, you have to decide if it is a good idea to do so.
Should you Surrender your Timeshare?
Are you having a difficult time paying your annual maintenance fees? Do you owe money on your timeshare? If you answered yes to either question (or both), you will want to consider surrendering your timeshare. This allows you to “get out from underneath” your timeshare, which will improve your long term financial prospects.
If you own a timeshare and have come to the conclusion that filing bankruptcy would be in your best interest, there are questions to address. Contact us to discuss your current situation, including how your timeshare will be impacted if you decide to move forward with a Chapter 7 or Chapter 13 filing.