Q: Should I file for bankruptcy to get out of a timeshare
A: I don't think so. Most of the time, a timeshare owner needs to negotiate, give notice before going to bankruptcy. they ave first to foreclose on the timeshare before filing any claim against you. Bankruptcy should be your last resort.
A: It depends. How much do you owe on the timeshare? Are you past due on any fees or maintenance fees? Do you have other debts? Bankruptcy can eliminate your debt and any debt or remaining loan balance you have on the timeshare. Bankruptcy allows you to surrender the timeshare back and walk away from the loan. I suggest you consult with a bankruptcy lawyer to determine if bankruptcy is the right option for you.
I hope this is helpful.
Peter Maurice Lively agrees with this answer
A: Without more information about other debt that you have and financial information about your income and monthly expenses, filing bankruptcy solely because of the timeshare issue may not be the best action for you. I urge you to locate a bankruptcy attorney in your area for analysis to assist you in making this decision.
Theodore Allan Greene agrees with this answer
A: A Chapter 7 bankruptcy would ordinarily generate a discharge of your timeshare obligation.
However, the decision to file the Chapter 7 should be based upon your entire financial situation.
The Chapter 7 remedy is a powerful tool to clear out dischargable debts, and can only be used once every 8 years.
I recommend that you consult with an experienced bankruptcy attorney for an opinion as to whether the Chapter 7 filing is currently advisable.
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