I want to file for bankruptcy and need to know if I have to include a timeshare I am half owners with, with my ex husband? We are divorced but both names are on the deed for the timeshare. Would the timeshare be taken?
2007-03-14 17:46:42 · 7 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
The timeshare is paid in full. There are no payments involved except maintence and taxes every year.
2007-03-14 18:02:07 · update #1
Yes, you have to include it. However, if he intends to keep paying for it he'll have to contact the mortgage company & ask them to re-affirm the debt. That means that they know you are gonna file but as long as the payments are made regularly & on time they will not repossess. He should be careful that he DOES make the payments on time, though. They won't be as willing to work with him if something comes up & can't make a payment. I went through the same thing with a car when my ex filed & my name was still on it.
2007-03-14 17:58:03 · answer #1 · answered by lovemy2babies 4 · 0⤊ 0⤋
Yes you do need to claim it, No I don't think the timeshare will be taken since it is not completely yours. Also there is more than one type of bankruptcy and each one is different and with different laws as to property and debt. If you own a timeshare than my guess would be you probably have more than just a few credit cards and it might be advisable to hire a lawyer in case someone disputes your bankruptcy.
2007-03-15 00:56:35 · answer #2 · answered by Petra 5 · 0⤊ 0⤋
The timeshare is property of your estate and must be listed, even if you only own a one half interest. Some trustees will try to liquidate this and others will not. It depends how much it is worth and how much it would cost to liquidate. The costs of administration in bankruptcy might also have a bearing. But no matter, list your interest as an asset. You must and failure to do so could result in loss of your discharge or criminal prosecution.
2007-03-18 23:03:22 · answer #3 · answered by DLeibowitz 5 · 0⤊ 0⤋
If you own half of the value of the condo then technically you should list it... If the court thinks that you are hiding or concealing assets then they will deny your bankruptcy claim and let your creditors take you to the cleaners...
If I were you I'd have your ex sign some form and have it notarized stating that you are transferring the deed over to him 100% but that the condo will remain half yours. Then lock it in your safe and if the court asks you about it say he got the condo in your divorce but you haven't finished the deed transfer yet... then transfer the deed over to him... Or you might want to have him sign the agreement and just transfer the deed to him right away.
2007-03-15 00:53:46 · answer #4 · answered by Jason 6 · 0⤊ 1⤋
Have you ever thought about talking with Suze Orman about it? She is a great advisor on this very subject, money.
2007-03-15 00:53:38 · answer #5 · answered by Silly Girl 5 · 0⤊ 0⤋
very much. you have to after all it is part yours. that is law . ?
2007-03-15 01:01:04 · answer #6 · answered by the_silverfoxx 7 · 0⤊ 0⤋
yes you do and it might since it isn't your home.
2007-03-15 00:50:06 · answer #7 · answered by Pantherempress 7 · 0⤊ 0⤋