QUESTION
Can I walk away from my timeshare and not have to worry about the maintenance fees (collection)?
Asked on Oct 25th, 2014 on Bankruptcy - New Jersey
More details to this question:
My Chapter 7 was discharged in 2009. I own a timeshare and the maintenance fees are extreme. I did NOT reaffirm the timeshare.
6 ANSWERS
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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Try to do a deed in lieu. But yes, you can surrender it. I'm not sure whether they can hold you responsible for any fees if they don't accept a deed in lieu of foreclosure. You might be liable for some dues until they foreclose.
Answered on Nov 07th, 2014 at 5:19 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Did not name the timeshare as an "executory contract" on your petition? Then you can walk away from the debt. If you didn't name them. you can try to walk away from the debt but they have a good case that it's not dischargeable due to lack of notice
Answered on Oct 27th, 2014 at 8:02 PM
Can be problematic. Technically you are responsible/liable for the HOA's until title to the timeshare is transferred via a foreclosure sale. If they do not foreclose on the time share, you may want to call them and see if they will accept a deed-in-lieu-of-foreclosure. Pay an attorney for one hour of their time to review the paperwork. They must release you from ALL liability. Good luck!
Answered on Oct 27th, 2014 at 1:22 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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If you listed and were discharged of the obligation, yes. Because you are unsure you should seek counsel. What took you so long?
Answered on Oct 27th, 2014 at 11:16 AM
Unfortunately, as a technical matter, any debt made after your bankruptcy is not included in the bankruptcy discharge. Unless you or your bankruptcy trustee sells and timeshare, and many cannot be sold, you are responsible in the eyes of the law for ongoing maintenance fees on a timeshare. The good news is that few timeshares will actually sue to collect.
Answered on Oct 27th, 2014 at 11:16 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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In a nutshell..Yes.
Answered on Oct 27th, 2014 at 10:40 AM