QUESTION
Can we include a timeshare in our bankruptcy?
Asked on Jun 08th, 2012 on Bankruptcy - California
More details to this question:
Can we include our timeshare in a bankruptcy if it is paid off but we owe 2 years of annual hoa's
5 ANSWERS
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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HOA fees are nondischargeable in bankruptcy because they are secured by your property. Thus, as long as you hold title to the property the debt will continue to exist until the property is either sold or foreclosed.
Answered on Jun 29th, 2012 at 11:16 PM
Yes. When you file bankruptcy, you are required by law to list all of your assets and all of your debts.
Answered on Jun 29th, 2012 at 8:05 PM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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I don't understand your question. A timeshare must be listed as property. The debts are secured against the property. So you must pay those HOA fees.
Answered on Jun 29th, 2012 at 8:05 PM
Yes, all your unsecured debts not only can but must be "included" in your bankruptcy. If you want to walk away from the time share, and that is your only issue, just walk away. It is not worth a bankruptcy just for that.
Answered on Jun 29th, 2012 at 7:59 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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A timeshare that is owned outright is an asset that must be listed. HOA dues, if owed, must be listed. In order to keep the timeshare you must pay the HOA fees. If you don't keep the timeshare the HOA fees that are owed up to the time of the petition can be discharged.
Answered on Jun 29th, 2012 at 7:32 PM