What to do if my wife’s ex-husband has filed for Chapter 13 bankruptcy and they have joint ownership of a timeshare?

Get Legal Help Today

 Secured with SHA-256 Encryption

What to do if my wife’s ex-husband has filed for Chapter 13 bankruptcy and they have joint ownership of a timeshare?

Under a Class 3 claim, my wife’s ex indicates he is “surrendering the following property securing an allowed secured claim to the holder of such claim”. The said property is a timeshare that they have co-ownership of. Does this mean a debtor can take over his share of the timeshare? Or does it really mean that my wife now has 100% ownership rights, along with 100% of the maintenance fees, etc.?

Asked on March 14, 2012 under Bankruptcy Law, Colorado

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If your wife's former husband has filed a chapter 13 bankruptcy (reorganization) where they have joint ownership in the timeshare, and if he is surrendering his ownership in the time share, it means that he is surrendering his interest in it to the lender on the property or any lien holder as to it. As a result, if your wife want to keep her ownership in the time share, she needs to pay the dues on it.

I suggest that your wife consult with an attorney who practices in the area of business law.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption