There are a lot of individuals that run into financial difficulties and yet have several different assets. What they don’t have is the cash flow to be able to meet their debt obligations.
Many of these individuals have a timeshare which is a partial ownership that may be applicable to a vacation getaway such as a condo or home or apartment. In these situations you only own a percentage of that property which is a timeshare and you are required to pay a share of the maintenance along with the other owners of the timeshare.
The ownership of the timeshare can vary whereas some individuals get a portion of the deed ownership and in other cases they don’t. In the case where you have a portion of deeded ownership you will definitely want to discuss this with your bankruptcy attorney who will give you the proper advice concerning it.
You may be deciding to sell your timeshare before filing for bankruptcy so that you can get some extra money to put towards your debt. Then you may have decided that you prefer to keep your timeshare, and whether you will be able to do this or whether your bankruptcy trustee will want to put it into the estate well depend on the specific circumstances. It will depend a great deal on the value of the timeshare itself.
It could be that the timeshare will also be protected under the exemption laws depending on which state you are filing in. You may also be in a situation where you cannot pay the maintenance fees on your timeshare and you may have to decide to give the timeshare back to the original owners. Again this is important that you discuss your ownership of your timeshare to determine what your options are with your Fort Worth bankruptcy attorney.