Albuquerque, NM asked in Bankruptcy for New Mexico

Q: I have a point based timeshare where do I list that on the schedules??

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3 Lawyer Answers
Michael Hales
Michael Hales
Answered
  • Consumer Law Lawyer
  • Rexburg, ID

A: I had a client who listed these with their real estate holdings. When the timeshare is alerted that you have filed for bankruptcy, you will have the ability to give the timeshare back to the resort. I'd recommend this because I had a client who did not do this. And while her existing maintenance fee bills were extinguished when she filed for bankruptcy, those annual maintenance fee bills accrued while the bankruptcy was pending. When she came out of bankruptcy, she had very large bills that she couldn't pay. Therefore, I usually recommend forfeiting them to the timeshare company as soon as possible.

Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: Schedule B contingent interests. Then surrender it.

Justin M. Gillman
Justin M. Gillman
PREMIUM
Answered
  • Bankruptcy Lawyer
  • Edison, NJ

A: Under the "new" forms in Bankruptcy, there is a reference to the fact that Timeshares, even "point-based" shares, should be listed under Real Estate Interests. That is Part I of Schedule A/B. You should list the information on the number of points and their value as well as any other information.

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