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Started By
Message
Bankruptcy advice needed
Posted on 9/9/14 at 8:56 pm
Posted on 9/9/14 at 8:56 pm
Family member co-signed on consolidation loan for husbands many debts. They bought timeshare, got behind in payments so they took loan out with her car as collateral. Timeshare is now paid for but co-owned, they got a no fault divorce. I told her to file chapter 7 to get out from under this debt. I know they will take the car eventually. My question is, what happens to the timeshare, which is the only asset they had?
6
Posted on 9/9/14 at 9:02 pm to TigerFanDan
WTF did I just read?
Posted on 9/9/14 at 9:14 pm to TigerFanDan
Sounds like a Faulkner novel.
Posted on 9/9/14 at 9:15 pm to VABuckeye
quote:
WTF did I just read?
Here's my best guess:
Someone in the OP's family married a guy with serious debt problems (mistake #1). Then together they bought a timeshare (mistake #2) and fell behind on payments (no surprise there).
So they took out a loan on a car (a massively depreciating asset
) to try to recover. Amazingly, the timeshare got paid off but not so amazingly they eventually divorced.
God, what a trainwreck.
Posted on 9/9/14 at 9:46 pm to foshizzle
Sooooooo.....
hey foshizzle, I am moving back to the DC metro area in the spring, haven't lived there in 4 years.
I will be working on the hill and we are trying to decide if it's worth it to live within walking/biking distance + higher rent, or live farther out and pay to metro in.
I used to live in Glover Park and Old Town and I don't really want to live that far away again.
hey foshizzle, I am moving back to the DC metro area in the spring, haven't lived there in 4 years.
I will be working on the hill and we are trying to decide if it's worth it to live within walking/biking distance + higher rent, or live farther out and pay to metro in.
I used to live in Glover Park and Old Town and I don't really want to live that far away again.
This post was edited on 9/9/14 at 9:48 pm
Posted on 9/9/14 at 10:41 pm to Azazello
replied
This post was edited on 9/10/14 at 8:29 am
Posted on 9/10/14 at 12:10 am to TigerFanDan
Jesus Christ, stop using pronouns. Who is they, who is she?
Posted on 9/10/14 at 7:38 am to TigerFanDan
An undivided interest in a timeshare? That's what we're worried about in this shite-show of financial blunders? 
Posted on 9/10/14 at 8:31 am to OTIS2
quote:
An undivided interest in a timeshare? That's what we're worried about in this shite-show of financial blunders?
Doen't make a lot of sense, does it? That should have been the absolute last thing to be paid (and not bought in the first place)...
I'm still trying to figure out how people fall for this business model - we sell you something you don't really own - then we charge you "maintenance" whether you use it or not, plus you have to schedule using what you own during very specific windows on a first-come, first-served, basis.
Wouldn't it be easier to just book a hotel, condo or vacation home when you actually want to go on vacation? I mean you'd have to stay at your timeshare for about 20 years to get a real return on your investment - if then.
Posted on 9/10/14 at 11:03 am to Ace Midnight
I agree completely with everyone's assessment of the situation. It should never have happened but the question is, even though timeshare is Co owned does it have to sold or a portion of ownership sold to.satisfy the court trustee?
Posted on 9/10/14 at 11:15 am to TigerFanDan
Was there a divorce attorney involved?
After the divorce, the time-share is still co-owned?
Why did you advise the family member to file Chap 7? Do they have no assets after the divorce?
My guess is a timeshare is not a protected asset, so the trustee might try to get out of the value of her undivided interest in the timeshare. But I don't know how they could force a sale if the ex / co-owner won't agree.
And besides, prob not much value in the time share anyways.
After the divorce, the time-share is still co-owned?
Why did you advise the family member to file Chap 7? Do they have no assets after the divorce?
My guess is a timeshare is not a protected asset, so the trustee might try to get out of the value of her undivided interest in the timeshare. But I don't know how they could force a sale if the ex / co-owner won't agree.
And besides, prob not much value in the time share anyways.
Posted on 9/10/14 at 11:50 am to LSUFanHouston
quote:
My guess is a timeshare is not a protected asset, so the trustee might try to get out of the value of her undivided interest in the timeshare. But I don't know how they could force a sale if the ex / co-owner won't agree. And besides, prob not much value in the time share anyways.
Yeah - I'm here with this. It's not secured, so it goes in the pool for unsecured creditors. If any residual value from the undivided half can be converted into cash - the trustee will do so. The trustee will likely negotiate with the undivided co-owner, to avoid legal action to compel the sale.
A good valuation will have to made, regardless.
I don't think there is much there - plus if the trustee takes possession, he becomes responsible for maintenance and such.
Posted on 9/10/14 at 2:20 pm to LSUFanHouston
quote:
Was there a divorce attorney involved?
After the divorce, the time-share is still co-owned?
Why did you advise the family member to file Chap 7? Do they have no assets after the divorce?
My guess is a timeshare is not a protected asset, so the trustee might try to get out of the value of her undivided interest in the timeshare. But I don't know how they could force a sale if the ex / co-owner won't agree.
And besides, prob not much value in the time share anyways.
It was a no fault divorce, no property settlement,most of the property was owned by him(he has student loans,car loan 4 wheeler loan,tractor loan utility trailer loan and his paid for land is collateral) before marriage. She unfortunately co signed consolidation loan for all his debts. So with chapter 7 she loses car and gets out from under his debt and maybe court forces sale of timeshare. Am I getting this right? By the way, there were never any assets except for the car which was paid for before this fiasco.
This post was edited on 9/10/14 at 2:33 pm
Posted on 9/10/14 at 3:05 pm to TigerFanDan
quote:
he has student loans,car loan 4 wheeler loan,tractor loan utility trailer loan and his paid for land is collateral
This blows me away.
Posted on 9/10/14 at 4:03 pm to LSUengineer12
cant they just sell the timeshare?
Posted on 9/10/14 at 4:06 pm to TigerFanDan
quote:Only time will tell
My question is, what happens to the timeshare,
Posted on 9/10/14 at 8:13 pm to Azazello
quote:
Azazello
Sorry to take so long.
As always, it depends on the exact circumstances and how much it is worth to you but so far as I'm concerned I love walking to work (in Rosslyn, not the Hill). If you really want to save on money live in Herndon, Metro's new Silver Line will be running through there soon. Your commute will easily be an hour each way but someone else is driving at least.
Otherwise I'd just stay close in and walk/bike, the money you save by living somewhere else in DC isn't that great.
You might want to reconsider Glover though, it's quite bikeable. There are new bike lanes downtown that make it safer. If I worked on the Hill I'd be biking it as much as possible from Courthouse, it isn't that far.
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