Timeshare buy back?

[Zoomie]

I just filed Ch.7 under the deadline. I have a paid for timeshare for which I spent $300.00. That's about the fair market value at this time - one even sold for $1.00 and the most anyone could hope for would be $600.00. It's not much but My girlfriend and I love to go there.

Any chance the trustee will just let it go (abandon it) as it's of little value toward $90,000 in medical debts. If he won't, will he let me buy it back if I can borrow the money from family members or girlfriend -- or maybe just offer up cash instead of forfieture? I'm in Ohio - Sux for bk and exemtions.

Is there any special procedure or form I need to know about I'm Pro Se.

Thanx

[StaciMM]

If the value is between $1-$600, the trustee would probably be more than willing to allow you to 'buy' it back. (If he were to sell it, part would probably be lost by having a company or person handle the transaction.)

Have you used the OH wild card on something else? OH has a $400 wild card exemption that you could use.

[Zoomie]

Timeshare Buy Back

Thanks Staci - Yes, I had to use the wildcard to add to my vehicle exemption and it's still not quite enough and I only own half of a pickup. Ohio sure doesn't allow much - I think it's the worst state to file in. How can you get a reliable vehicle that will get you to work every day for $1000.00!!???

Anyway, the way I understand it is that the wildcard only applies to property that can be exempted. My timeshare is considered Real Property and therefore not exempt in any way. Someone correct me if I'm wrong.

[StaciMM]

Go with what you know... That is a bit more detailed than my research! I've not looked into what states allow for the Wild Card.

Worst case scenario, you should be able to buy it back. Then again, it might not even be worth the trustee's time to mess with it. (Don't offer to buy it if the trustee doesn't bring it up.)

[marvy]

Timeshare is not considered real property

Thanks Staci - Yes, I had to use the wildcard to add to my vehicle exemption and it's still not quite enough and I only own half of a pickup. Ohio sure doesn't allow much - I think it's the worst state to file in. How can you get a reliable vehicle that will get you to work every day for $1000.00!!???

Anyway, the way I understand it is that the wildcard only applies to property that can be exempted. My timeshare is considered Real Property and therefore not exempt in any way. Someone correct me if I'm wrong.

I am in Ohio and I filed Pro Se. The way I understood the Nolo book it is not considered real property-it is an executory contract/lease. I am in the same boat as you. My TS is paid for-worth about $300. I put it on my wildcard. I am no expert but I read and reread all the info before I listed as schedule G-Executorycontract/leases. You don't own the property, you own the time in the property.

[Zoomie]

Marvy - Yeah I think that may be right too. That's been my problem - I really don't know. I think - - -after monumental reading - that it depends on whether you have a right to use or a deeded property timeshare. Mine is deeded and so I filed it under real property. Well we'll see how it goes. thanks for the input and good luck.

bk status
Filed Petition Oct. 14 2005
Filed Schedules Oct. 26
341 Meeting Dec. 16