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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 38507
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I have a timeshare that I no longer use and can not afford

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I have a timeshare that I no longer use and can not afford to pay the maintenance fees. I have asked the association if they would take my week in lieu of payment since I do not plan to use it anymore and they refused. I have explained that I am financially unable to meet the demands of their assessments which have increased as they are making improvements to the units but they are unwilling to work with me. I am self-employed so there are no wages they can go over after. I rent and do not own any property and have less than $1000 in the bank. I do have a retirement account in an IRA. I realize my credit will be affected by defaulting on payments but what assests can they go after me for? If I file for bankruptcy will that get them off my back?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 years ago.

The entire timeshare industry is built on maintenance fees, which inevitably turn out to be more expensive than simply purchasing a resort vacation in the same locale. In my view, the entire industry should be shut down. But, it's legal, so there's nothing that anyone can do.


That said, if you have no assets that can be reached, then you're judgment proof, which means that no debt collector can successfully seize anything and sell it. Your IRA is exempt, so that's not an issue. But, if you want to get rid of the maintenance fees, permanently, then Chapter 7 is the way to do it for certain.


Seems as though you are a pretty good candidate for a simple "no asset" Ch. 7. You may even be able to "do-it-yourself." Consider picking up a copy of this publication.


Hope this helps.


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Customer: replied 7 years ago.
I agree that the timeshare industry is the biggest scam every perpetuated on unsuspecting tourists. Thank you very much for your answer.
Expert:  socrateaser replied 7 years ago.
You're welcome and good luck.