What to do if we own a week in a timeshare and they are now filing bankruptcy?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do if we own a week in a timeshare and they are now filing bankruptcy?
We have an excellent credit rating with no debt. Will we be be affected this bankruptcy?They’ve asked us to turn over our deed to them to avoid further costs. Is this normal practice? Is there anything that we can do our do we just lose our investment?
Asked on August 18, 2011 Oklahoma
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
There are two very different issues:
1) Will the timeshare's bankruptcy affect your credit rating? No--one person or entity is not affected by the bankruptcy (or default, delinquincy, etc. of another).
2) Should you turn you deed over to them--probably not: if you own a week in a timeshare, that is would seem to be something *you* own, and you don't have to give it them so they can pay *their* creditors. However, that said, you should consult with an attorney, bringing with you *all* paperwork from the time share, so he can review it and the situation with you and advise you as to your rights and your potential recourse as well. Good luck.
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.