Timeshares and Bankruptcy
When it comes to bankruptcy filings, the first step individuals often take is to outline all of their assets, debts, and liabilities. Property owned is typically considered an asset, but what happens when an individual owns a timeshare? Timeshares usually fall into a tricky area of real estate law and can cause much confusion during a bankruptcy proceeding.
It is important to know the different types of timeshares and their legal classifications. If you would like more information on timeshares and bankruptcy, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 800-975-5346.
Types of Timeshares
The following are common types of timeshare ownership:
- Deeded Property – A timeshare in which the owner completely owns the property. This is great for long-term use and may be passed along to a family member.
- Life Property – Allows the owner to use the property on a yearly basis for life. These benefits often cannot be passed along when the owner dies.
- Leased – Much like leasing a car, this allows you to enjoy vacation property for a specific amount of time. You do not own the timeshare, but you are able to use it for as long as the contract specifies.
- Floating/Point System – Timeshares that split the benefits among many owners and often determine use of the property by a “floating date” or “point system.”
- Fixed Week – A system of timeshare ownership that allows people to use the property on a fixed schedule.
- Multiple Locations – Timeshares that allow participants to use properties in different locations.
Depending on the type of timeshare you own, you may be able to reduce or discharge your liability through a bankruptcy settlement. Make sure to consult an experienced bankruptcy attorney regarding any questions you may have about timeshares and bankruptcy.
Contact Us
If you own a timeshare and are considering filing for bankruptcy, contact the Boston bankruptcy attorneys of Joshua Spirn & Associates at 800-975-5346 to discuss your legal options.
