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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I plan to file Chapter 7 this week, I am completing the forms

Resolved Question:

I plan to file Chapter 7 this week, I am completing the forms but I am not sure where I put the timeshare that I am buying in Las Vegas, Nevada. I cannot afford it, I am behind probably 2,000 in maintenance fee etc. I will have to contact the company to get whatever data I need to file it.

My second question is--I am a little confused in the federal means test--can the answer cause you to not be eligible to file?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.
Hi and thank you for your question.
All interests in real estate, including timeshares, would be listed on Schedule A. Then the corresponding loan is listed on Schedule D, linked back to that listing on schedule A. You would list the payment and assessments on Schedule J on the budget sheet. Then you would list your intention - keep, surrender - on the statement of intentions.

The means test calculates all household income for the 6 months leading up to your case filing, subtracts allowable deductions for items like tax, insurance etc. and set amounts from the IRS standards based on your household size and county you live in. If the end result shows that you have no disposable income available, then you would be ok for chapter 7. if there is enough disposable income, then you would need to file for chapter 13.

This is a very precise calculation, so I recommend you consult with a local bankruptcy attorney to properly advise you on your case, and help you get all the deductions that you qualify for, correctly listed on the petition. Thanks for your question and good luck to you.
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