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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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i am thinking of defaulting on my timeshare that ive had for

Customer Question

i am thinking of defaulting on my timeshare that i've had for about ten years, because i can't afford it anymore. Forget about trying to sell it. The market is completely flooded and I can't even sell it for what I owe on it. It's a big payment of about $750 a month. what will happen to rest of my assets? Can they come after my house, cars, investments...?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.
Hello,

Thank you for your question. I am happy to assist you.


Your information under "already tried" just came on my screen. Sorry about the repetition of my question.

 

If you do not pay your timeshare, the lender can foreclose on your property and obtain a deficiency judgment.


A lender can take action to collect on a deficiency judgment, including garnishing wages, bank accounts and other assets.


I hope that the information which I provided was helpful to you.


If you would like any additional information, you can start your new question off with: This question is for FLANDNYLAWYER.


Please CLICK ACCEPT so I can receive credit - Bonus = job well done.


THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE
Customer: replied 7 years ago.
this is a question for flandnylawyer:
so the only way to get out of it is bankruptcy?
Expert:  Ellen replied 7 years ago.
Hello,

Yes it appears that way. You can ask for me directly if you need information on bankruptcy.
Ellen and other Bankruptcy Law Specialists are ready to help you
Customer: replied 7 years ago.
no i think i'll try getting a second job. Thanks.
Customer: replied 7 years ago.
no i think i'll try getting a second job. Thanks.
Expert:  Ellen replied 7 years ago.
Thank you. Best of luck to you.

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