Q: If I can no longer afford to pay for a timeshare, do I need to use bankruptcy? What can they do under foreclosure laws?
I am 62 on Social Security. No health insurance. Nothing in bank. 20k + credit card debt. House for sale for ammt. owed to bank. 20k in IRA. No other retirement. Own 2 old cars ('98 ,05). Alone, unmarried.
A:
Often Timeshares are not Deeded, they are merely an agreement. Thus, they do not actually foreclose. If Deeded, then a foreclosure may occur. Alternatively, you could contact them about the possability of a Deed-in-Lieu.
As for the possability of a Bky, the amount owed is not a bar. However, the ownership to paid-off vehicles could be a complication. Your IRA would be protected. I would suggest you meet with an experenced Bankruptcy Attorney. Most offer a Free Initial Consultation, during which this can be addressed.
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