I filled for bankruptcy last week. I own a timeshare, which the trustee is aware of. The timeshare was not added as a creditor (i owe no money towards it other than maintenance fees, which were not due at time of filing – they will be due within a month). The timeshare is not worth much and it is not like trying to sell a home, there is little market for this. I would put it up for sell for perhaps $3000 which I realize will go to the trustee, but can I not add this to the bankruptcy since I will owe money which I cannot pay???? I don`t find that my trustee is giving me straight answers and is certainly not interested in looking out for my interest.

Posted from: Ontario

One Response to “Timeshare”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

First of all the Trustee is not there to look out for your interest, as an Officer of the Court the Trustee is responsible to make sure the process is administered in a fair and equal manner.

To this end, the time share is a non-exempt asset and must be realized on for the general benefit of your creditors and there is no way around this. It is not a matter of what is in your best interests or not, it is simply that the non-exempt property legally must be realized on.