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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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We got ourselves a timeshare and it has been awhile we had

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We got ourselves a timeshare and it has been awhile we had the timeshare and few months back in August we exchanged ours for another better ones and our notes went up, it was no problem til now things has gone high ( gas,etc and so on) this was unexpected, who did ever know this all would come to a sudden. Now we realize we wont be much payments on the loan for the timeshare resort that we got. I have been thinking about selling the timeshare myself and pay off the loan in even. or should i get a seller to do this for us? i do not know which seller could be good to do this for me. ( too many scams or unsure abt this place) any idea to help us how to get rid of this timeshare or should we run bankrupt? thank you
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

I cannot give you legal advice - I can only give you legal information. I can tell you that it is highly unlikely that you will be able to sell the timeshare, as there is a glut in that market. There are many more owners trying to sell than there are people who want to buy. And you are correct that there are many scammers who take money upfront, and don't do anything. Some will even say they already have a buyer, which is a lie, because a reputable timeshare sales company would not take any money until the timeshare is actually sold - at the closing.

If you qualify for Bankruptcy (if your income is low enough), that is - in my opinion - the best solution for anyone who is struggling to pay the bills.

Customer: replied 6 years ago.

How do we file for bankruptcy, we never been in any situation like this but how does this work in filing for that? Any fee to pay also?

Expert:  cfortunato replied 6 years ago.
If you want to file, you should hire an attorney. You can find one by calling the Louisiana Bar Association to ask for a recommendation for a Bankruptcy attorney. The number is(NNN) NNN-NNNN/strong>. The court fee is $299, and the attorney fee will be about $1,200.
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