QUESTION
Can I include the timeshare in the bankruptcy?
Asked on Sep 15th, 2012 on Bankruptcy - California
More details to this question:
Two years ago, my ex-wife and I filed for divorce. In the divorce I agreed to pay the timeshare, we have together. I can no longer afford it and am getting ready to file bankruptcy. She says she will hold me in contempt of court, but I can no longer afford to pay for it and some other things since I was demoted. She also has filed bankruptcy! I offered for her to buy it out but she can’t because of her bankruptcy. She refuses to let me sell it so neither of us have financial obligation and it keeps our names from being drag through the mud.
9 ANSWERS
Criminal Defense Attorney serving Deltona, FL
at
R. Jason de Groot, P.A.
Update Your Profile
Yes.
Answered on May 22nd, 2013 at 2:59 AM
You are legally obligated to include all of your assets and all of your debts when you file bankruptcy. You cannot be held in contempt of court for doing that. You may, however, still have to pay the debt. You need to consult with a bankruptcy attorney about this, especially if this is the main reason for filing.
Answered on Sep 21st, 2012 at 10:57 AM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
Yes, you can include it in the BK. I would caution to be sure what the Judgment of divorce says. Please consult w/ you BK counsel and give copies of the Judgment of divorce to him/her. If you are in NJ, and do not have counsel, I offer free consults.
Answered on Sep 20th, 2012 at 6:08 PM
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
Update Your Profile
It is important that you talk to a competent bankruptcy attorney. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Sep 20th, 2012 at 6:07 PM
Bankruptcy Attorney serving Hampton, VA
at
Haven Law Group, P.C.
Update Your Profile
You must list it in the Bankruptcy. However, until the divorse decree is modified, you will have to follow the terms of your decree. If she filed bankruptcy, my opinion is that you would have a good shot at getting that issue modified in state court.
Answered on Sep 20th, 2012 at 6:06 PM
Chapter 13 Bankruptcy Attorney serving Beaverton, OR
at
Law Offices of Alexzander C. J. Adams, PC
Update Your Profile
If you are divorced and contemplating filing bankruptcy, make sure you meet with an attorney. 11USC523(a)(15) is a nasty provision in the code that you must make sure is reviewed in light of you case.
Answered on Sep 20th, 2012 at 6:06 PM
Barbara A. Fontaine
Be sure both of you put the timeshare into your bankruptcies. The Court would not find fault if you cannot keep up with a luxury item such as a timeshare. .
Answered on Sep 20th, 2012 at 6:04 PM
Bankruptcy & Debt Attorney serving Syracuse, NY
at
Theodore Lyons Araujo
Update Your Profile
You must include the time share but generally they are worthless so we value them at zero. There is no market for resale and they are generally considered as assets with no value, even if they are paid off.
Answered on Sep 20th, 2012 at 6:04 PM
Criminal Law Attorney serving Fremont, CA
at
Steven J. Alpers, A Professional Corporation
Update Your Profile
You will get the benefits of the bankruptcy. It will stop her enforcement of the terms of the property division.
Answered on Sep 20th, 2012 at 6:02 PM