Many of our clients with timeshares come to us either loving or hating their Timeshare. Some families want to keep the timeshare and continue to use it. Other families, however, are burdened with a payment on a property they rarely get to use.

Surrender Your Timeshare

If you’re burdened by a timeshare that you can’t get out of, Bankruptcy is an excellent option. You can surrender the timeshare in either a chapter 13 or a chapter 7 bankruptcy and wash your hands of it.

Luxury Item

However, keeping your timeshare can be a bit more complicated. The bankruptcy court sees the timeshare as a luxury item that is not a necessary expense. As far as the court is concerned, if you can afford a timeshare, you can afford to pay your debt. If you were to keep your timeshare, you would have to file a Chapter 13 bankruptcy. In Chapter 13 it would be necessary to prove that you can afford your regular monthly living expenses, your secured and unsecured debts, and the timeshare. If this can be proven and you are able to feasibly manage the calculated repayment plan, then it can be possible to keep the timeshare.

For more information contact your Folsom bankruptcy attorney at (916) 780-7005.

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