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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2901
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I bought a timeshare at The Aruban Resort & Casino in Aruba

Customer Question

I bought a timeshare at The Aruban Resort & Casino in Aruba last March. They have since gone bankrupt ( I would like to get out of my contract. What is the best and most cost effective way of doing this?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
You can usually do a deed in Lieu of foreclosure, where you would sign the deed over to the lender. Unfortunately, just because they went bankrupt, it doesn't change your obligations to pay on the note. Your other options are to sell or rent your those terms and agencies come up that may be of assistance to you. Otherwise, you can include this debt in your own bankruptcy filing if you are thinking of filing a case. Your credit will be affected if you miss payments. Good luck to you and thank you for your question.
Customer: replied 7 years ago.
Even if I sign the deed over to the lender, you are telling me I should still continue the payments? To me, that doesn't make sense since the Resort has been closed since December 14 when the utilities were turned off. Why would I make payments on a unit that cannot be used? The resort is still closed and my week is March 7-14.
Customer: replied 7 years ago.
Need a timeshare specialist...not a bankruptcy lawyer. It's the resort that's gone bakrupt...not me. I want to know how to proceed to get out of my timeshare contact in the most cost effective way.