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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I have a timeshare that I cant afford. If I where to file

Resolved Question:

I have a timeshare that I can't afford. If I where to file bankruptcy,

would I be able to include it and be relieve from it as well?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

Is the timeshare a share of a condominium or a coop, or is it in a homeowners' association?

Customer: replied 5 years ago.

Im not really sure, I believe it to be a coop. It is available for use every other year (biennial) for one week.
Expert:  cfortunato replied 5 years ago.

You should find out if it is a coop or a condo, or is part of an HOA. The reason is that any fees incurred in relation to a coop, condo, or HOA after the Bankrutpcy is filed are non-dischargeable as long as you own the timeshare. Bankruptcy Stat. 523(a)(16).

All such fees incurred before the Bankruptcy is filed are dischargeable, and if the timeshare is not part of one of those 3, then any fees incurred before or after the Bankruptcy is filed would be dischargeable.

I think this is what you wanted to know. If not, please let me know.
Thank you!

 

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