Timeshares and Bankruptcy in Columbus

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. 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

One in which you have ownership interest that gives you the chance to use the property during certain times of the year

Timeshares and Bankruptcy in Columbus

How your timeshare is impacted by bankruptcy in Columbus depends on the type, as well as whether you are filing Chapter 7 or Chapter 13.


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.


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East Main St. Bankruptcy Law Office:

5300 E. Main, Suite 109

Columbus, OH 43213

614-575-1188 - Phone

614-575-1186 - Fax


As an added convenience you may request to meet at our Downtown Columbus Bankruptcy Law Office:

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Columbus, OH 43215

614-575-1188 - Phone

The Needleman Law Office is a debt relief agency in Columbus, OH aiming to help people file for protection under the U.S. Bankruptcy Code. As a bankruptcy attorney in Columbus, Ohio, our practice is limited to bankruptcy law, foreclosure defense, consumer protection laws and debt collection law. Needleman Law Office will provide a foreclosure or bankruptcy lawyer, or debt collections attorney, for your protection from creditors and debt collectors, serving clients in the following Ohio cities and their surrounding areas: Columbus, Bexley, Pickerington, Blacklick, Gahanna, Reynoldsburg, Westerville, and throughout Franklin, Licking, Fairfield, and Delaware Counties.

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