March 20th, 2012 by Questions
I have a Time share in Las Vegas. It is payed for and I have a deed. Can I lose this if I file for bankruptcy?
Posted from: Quebec
March 20, 2012 at 12:39 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Yes, in a bankruptcy this would be considered a non-exempt asset and would be lost as part of the bankruptcy.
There are really two ways you can arrange to keep it and still deal with your debts. The first is you can have a market evaluation done and pay the market value of the time share into your trustee as part of the bankruptcy. Or alternatively you can consider the filing of a consumer proposal.
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