Timeshares might be initially appealing to guarantee a vacation spot each year, but as time goes on many realize the fees to use the limited space aren’t worth it. When you’re already facing financial troubles, paying timeshare fees may seem unimportant to bigger concerns like mortgage, fuel, and auto payments.
Thankfully, a bankruptcy may help you deal with your timeshare.
How Filing for Bankruptcy Can Help You Get Rid of Your Timeshare
- A bankruptcy will discharge most debts you owe prior to the bankruptcy.
- This includes timeshare debt!
- A bankruptcy will also give you the option to surrender ownership interest in the timeshare.
- When the creditor forecloses, you’ll no longer have any obligation to pay association, maintenance, and purchasing fees.
- It’s still possible that some membership or ownership fees won’t be dischargeable.
When is The Best Time To File A Bankruptcy When You Own A Timeshare?
- It’s best to wait until a foreclosure on your timeshare.
- This is to make sure your bankruptcy gets rid of the timeshare and all the timeshare debt.
- Waiting for a foreclosure also ensures you won’t owe any fees after the bankruptcy is filed and you can move on without any worries of ownership.
- If there’s no guarantee of foreclosure, we might still be able to get rid of those fees!
- We can file the bankruptcy, list the debt, and include your intention to surrender your ownership interest. Then, we wait for the timeshare company to sell or eliminate your ownership interest.
What if I File Before A Foreclosure? What Are The Risks?
- If you file before a foreclosure, you’ll likely owe additional fees after the bankruptcy is filed and before the timeshare is foreclosed.
Contact Steffens Law About Filing Bankruptcy in Nebraska
At Steffens Law Office, we understand that financial troubles can hit when least expected and you can suffer dealing with the things you purchased when you were more financially secure. That’s why we have attorneys at our office who understand how to help you and your family get back on track, including dealing with an unwanted timeshare. If you’re wondering if bankruptcy is right for you, contact the team at Steffens Law Office at (308) 872-8327 or visit us online at steffenslaw.com