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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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I own a Timeshare in Cancun Mexico to which the loan has been

Resolved Question:

I own a Timeshare in Cancun Mexico to which the loan has been paid off. The property has a Unexpired Lease till 12/31/2046. I am in the process of filling out the Chapter 7 Individual Debtor's Statement of Intention on this property under Part B. I have been unable to find any examples to filling out part B. I have the Nolo How to File for chapter 7 bankrupcy book and have looked online.

My questions are:
Who is the Lessor? Is that me?
Under Describe Leased Property would I put down the name of the timeshare (ie. Raintree Vacation Club Cancun)?
The big question: Lease will be assumed pursuant to 11 U.S.C...... Yes or No?
I want to retain this lease and have placed it as Exempt under Schedule C Wildcard option.

I have included past due maintenance fees and special assessments under schedule F.

thank you for your time with this matter.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
The Statement of Intention is not for real estate - it is for personal property only, such as a car that is leased.
The timeshare would go on Schedule G ("Executory Contracts and Unexpired Leases").

I think this is what you wanted to know. If not, please let me know.
Thank you!
Customer: replied 5 years ago.

Thank you, XXXXX XXXXX has been placed under schedule g, but I have to state my intention with the lease inorder to not loose the timeshare interest do I not?

Expert:  cfortunato replied 5 years ago.
No - indicating your intention to continue to lease the property is not necessary to keep the timeshare.
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