Posted: Sat Jun 27, 2009 8:00 pm Post subject: Am I able to keep my time share after filing chapter 13 in P
I live in PA and my wife and I are planning on filing chapter 13 for credit card debt. will we be able to keep our time share? The payments are current.
Chapter 13 bankruptcy helps you to restructure your debt payments and get current on your loans. Unlike Chapter 7, it has a positive impact on your credit as because you’re trying to repay debts from your income. However, prior to filing make sure you’re well aware as to how it can best suit your purpose.
The pros and cons of filing Chapter 13 are given below.
Pros:
* Pay back debts: You can repay debts through lower payments.
* Stops legal action: You are protected from collections, judgments, foreclosure etc.
* Retain assets: Real and personal property can be retained.
* Additional debts discharged: Debts nondischargeable in Chapter 7 can be discharged in Chapter 13. Such debts include those for willful and malicious injury to property, debts due to property settlement in divorce or separation and those incurred to pay nondischargeable tax liability.
* Protect cosigner: Cosigners on credit cards, payday loans and other consumer debts are protected as per Chapter 13 rules.
* Tax deduction: You can get tax deduction for property taxes and mortgage interest you pay as part of Chapter 13 Plan.
Cons:
* Tax Liens: Since Chapter 13 rules require you to pay secured debt in full and tax lien is a secured debt, therefore, your payments will be higher if you have tax debt.
* Dismissal: If you stop making payments under Chapter 13 Plan, the court can dismiss your case or convert it into Chapter 7. Your case can also be dismissed if you don't pay post-filing obligations such as alimony, child support or taxes etc. Know more on Chapter 13 dismissal.
* New credit: You cannot take out new credit and incur debt without court approval.
In my opinion, you'll be able to save your timeshare. As you are filing Chapter 13 bankruptcy to get rid of your credit card debts, do not include your timeshare in bankruptcy. In case, you include it in your bankruptcy, the lender will give you a repayment plan through which you will be able to pay off the dues within 3-5 years and also save your property. However, consult a bankruptcy attorney. He will be the best person to help you in this regard.
Feel free to ask if you have further queries.
Sussane
J.Johnson Guest
Posted: Sat Oct 24, 2009 7:58 pm Post subject: Timeshare after filing chapt.13
My husband and I filed bankruptcy last week. We have our final court date in a few weeks. My atty: told us we had to include our time share. We would like to keep our timeshare. The monthly payment is autom. deducted from our checking account So can we keep and still use our time Share?
Chapter 13 bankruptcy also helps in reorganization of debts. Though you include the timeshare in your bankruptcy filing, you would still be able to save the property as you would receive a payment plan from the lender to pay off the dues. _________________ Procrastination is the enemy of your financial sucess
It depends on if your unsecured creditors receive less then 100% of what's owed them. The timeshare is a luxury, and your unsecured creditors will receive less if you retain the timeshare, which isn't fair to them. You'll only be allowed to retain the timeshare if your chapter 13 payment plan provides all your other creditors with 100% of what's owed. _________________ Raymond
www.ReverseMortgageCalculator.org
what i don't get, J. Johnson, is why your attorney didn't give you a clue about your desire to retain the timeshare. did you bring it up in your original discussions? _________________ George M. Akerley
Loan Consultant
860-221-5044
dd Guest
Posted: Mon Nov 02, 2009 4:53 pm Post subject: timeshare and bankruptcy
because of medical bills I'm considering bankruptcy .how do i keep my timeshare ,if it's already paid for?
Not with a chapter 7, but you might be able to with a chapter 13, if you do a 100% program (that means all creditors, secured and unsecured, are paid back 100% of whats owed them via your chapter 13 program). _________________ Raymond
www.ReverseMortgageCalculator.org
jacejonesjr
