Posted on January 19, 2010 in Bankruptcy
Many of my New York bankruptcy clients have for reasons now unclear, even to themselves, bought Timeshares in Florida, South Carolina etc. Now they want out. Have you tried selling a Timeshare? Unless you’re trained in hypnosis it can be a little difficult! (However not impossible). Someone may even want it as a gift.
Aside from the act of owning it the problem comes from the contractual obligations and fees associated with it on a monthly or annual basis.
One option to request that the Timeshare Company take back the deed to the Timeshare and release you from your obligations. If this isn’t possible you may wish to speak to an experienced bankruptcy attorney about using bankruptcy to escape it. (Usually only if you have other significant debts however). You should ask your bankruptcy attorney for guidance on this issue.
Dwyer & Associates Bankruptcy and Mortgage modifications / Foreclosure Blog has more information on many bankruptcy topics for New York clients.
Timeshares can bring a whole host of problems. See how you can leave yours behind..