I'm turning to those I know will understand!

[zpbk13]

Good morning everyone,

Here is the latest with our bk. We filed last month. Are not planning on reaffiring anything. Planning to do a ridethrough with house, one vehicle and in a few months turn in hubby's car and get him a nice used vehicle. Our attorney assures us that the trustee does not want our timeshare. Okay, fine, we have another couple years of payments and it will be paid for so we want to keep it.

This morning I checked and they (Disney Vacation Club) has not taken out our monthly dues. I knew it was bk related and called the member accounting department. They confirmed that our account has been suspended pending the outcome of our bk and whether we sign a reaffirmation agreement. The girl I spoke to was extremely unhelpful as she is not the specialist that deals with bankruptcies. That person is on vacation this week so I have to wait to talk to her. I am told we will get some correspondence in the mail and will be calling my attorney later today.

I guess I'm just looking for a bit of comfort. Things have been going so smooth since we filed and I consider this a hiccup from the standpoint that I am so used to the payments coming out automatically and the clerk I spoke to couldn't even tell me if we can still send in our payments or what.

Now the thought crosses my mind that maybe we should just let it go. Say we want to reaffirm and then do not. I do love owning the timeshare and if we have to reaffirm or lose it, I don't know how I feel about that. Anyone else keep a timeshare after their bankruptcy?

[NewLifeAhead]

We have a timeshare and currently in a ch 7. Your attorney is correct to say that the TT wouldn't want the timeshare, especially if there is debt still owed on it. We own our timeshare outright as it's already paid off. Our lawyer put a zero value on it and didn't exempt it in our petition. At our 341, the TT joked about the timeshare saying "What can't you sell it?" with a big grin on his face. I was hoping he would take it and responded jokingly back saying "if you want it, please take it!!!". The TT abandoned the timeshare so we still have it.

The reason we want to dump it is that we don't want to pay the $550 ever increasing yearly fee anymore, especially now since we are trying to save every penny we can. Our lawyer's office says we can surrender it back to the facility but I'll see how that works out.

If you're not 100% certain you want to keep it, I wouldn't reaffirm it. If you keep paying to stay current, then they shouldn't foreclose on it (IMO).

[Chowder]

If you keep paying to stay current, then they shouldn't foreclose on it (IMO).

Yes. I'm sure they will keep cashing the checks.

[OhioFiler]

Good morning everyone,

Here is the latest with our bk. We filed last month. Are not planning on reaffiring anything. Planning to do a ridethrough with house, one vehicle and in a few months turn in hubby's car and get him a nice used vehicle. Our attorney assures us that the trustee does not want our timeshare. Okay, fine, we have another couple years of payments and it will be paid for so we want to keep it.

This morning I checked and they (Disney Vacation Club) has not taken out our monthly dues. I knew it was bk related and called the member accounting department. They confirmed that our account has been suspended pending the outcome of our bk and whether we sign a reaffirmation agreement. The girl I spoke to was extremely unhelpful as she is not the specialist that deals with bankruptcies. That person is on vacation this week so I have to wait to talk to her. I am told we will get some correspondence in the mail and will be calling my attorney later today.

I guess I'm just looking for a bit of comfort. Things have been going so smooth since we filed and I consider this a hiccup from the standpoint that I am so used to the payments coming out automatically and the clerk I spoke to couldn't even tell me if we can still send in our payments or what.

Now the thought crosses my mind that maybe we should just let it go. Say we want to reaffirm and then do not. I do love owning the timeshare and if we have to reaffirm or lose it, I don't know how I feel about that. Anyone else keep a timeshare after their bankruptcy?

Take the emotion out of your decision process and you'll make the right choice. I don't know what that choice will be but forcing yourself to look at the timeshare from a purely economical standpoint will ake the decision much easier.

A few issues to consider:

Is the TS worth more than we owe?

Is the annual fee something we want to keep paying?

What could we do with the money saved not paying the annual fee if we surrendered the TS?

Do we use the TS because we want to use it or because we have to use it?

Will we still want to use this TS 5 or 10 years from now?

[zpbk13]

Thanks so much you guys for helping me out when I was in panic mode with sound non-judgmental reason. I talked to my husband and we're going to discuss it more when we get home tonight.

NewLifeAhead - our attorney said the trustee definitely is not going to be want it so I don't have to worry about that. The yearly maintenance has gone up over the years and that is a small concern. I just need to find out if they will accept the payment (maybe by ACH) as I am sure no one is clammering to buy a timeshare these days.

Chowder - that is what I am hoping. I will know for sure once I talk to the bk rep when she returns from vacation.

OhioFiler - I always enjoy your posts. You have given us some pointed questions to answer honestly. I'm such an emotional person that it's hard to look at something I have such an investment in, both money and heart, objectively but I know we must. Thanks!

If anyone else would like to chime in, I would love your opinion as well.

[LSUTiger32]

zpbk13.....I also have DVC and we kept ours. I had to fax a letter to them telling them I wished to resume electronic debiting of the loan balance and dues. Of course today, they double dued me for Sept. and October. Now I am trying to get them on the phone because I want to check to see if they will be double loan billing me (I am sure the answer is yes).

Still can't see my stuff online, it just says there is a problem with this contract. I guess it will be after discharge or something befor it works again.

[zpbk13]

LSUTiger - we kept our too and I'm so glad we did. I just love it and it is almost paid for. I was told the same thing to send a fax and they would start taking the monie out again and they did - I even got them to waive the "late" fee on the dues (which they should have anyway, I didn't direct them to stop taking my money!) Anyway, this morning DVC auto debited September 1 and October dues and the September loan payment. I expect (and was told) the regular payments will be debted as per our previous arrangement on October 15 and we plan to a ride through and not reaffirm it. I cannot access our on-line stuff either. Where is your home resort? Ours is Hilton Head.

[LSUTiger32]

LSUTiger - we kept our too and I'm so glad we did. I just love it and it is almost paid for. I was told the same thing to send a fax and they would start taking the monie out again and they did - I even got them to waive the "late" fee on the dues (which they should have anyway, I didn't direct them to stop taking my money!) Anyway, this morning DVC auto debited September 1 and October dues and the September loan payment. I expect (and was told) the regular payments will be debted as per our previous arrangement on October 15 and we plan to a ride through and not reaffirm it. I cannot access our on-line stuff either. Where is your home resort? Ours is Hilton Head.

Hmmm....I wonder if they tried to debit the loan payment too and got denied because I don't get paid until tomorrow! LOL! Gets a little tight still the day before payday especially when they are trying to debit $400. I tried to call Member Accounting but of course the wait was insane. Did they mention to you when the online access might come back? We are at SSR, we bought in when it opened.

[zpbk13]

They tried to take the payment before you got paid? Ouch! I can feel your pain. When I sent the fax I followed up with a phone call and the CM I talked to processed the payments to come out October 1. I did not ask about on-line access as I usually don't use it, except to check any current ressies and I was able to still do that. If you find out when on-line access will be restored please let me know. Did you reaffirm your DVC debt or are you riding it through?

We love SSR! It is our favorite DVC on-site resort. I love walking to Downtown Disney or taking the boat ride. I'm homesick now!! I am dying to try the new BLT villas but it will probably be several years before we get back down to Florida. We need to build our emergency fund and get used to living on a budget. I would charge a trip to Disneyworld in a heartbeat but now it's cash only.

[LSUTiger32]

They tried to take the payment before you got paid? Ouch! I can feel your pain. When I sent the fax I followed up with a phone call and the CM I talked to processed the payments to come out October 1. I did not ask about on-line access as I usually don't use it, except to check any current ressies and I was able to still do that. If you find out when on-line access will be restored please let me know. Did you reaffirm your DVC debt or are you riding it through?

We love SSR! It is our favorite DVC on-site resort. I love walking to Downtown Disney or taking the boat ride. I'm homesick now!! I am dying to try the new BLT villas but it will probably be several years before we get back down to Florida. We need to build our emergency fund and get used to living on a budget. I would charge a trip to Disneyworld in a heartbeat but now it's cash only.

I did not re-affirm, the TT was not one bit interested in the timeshare, especially when he realized we still owed money on it. Once we had the 341 and I called DVC they just said keep making payments and send the fax if you want us to debit again. It was my fault for not asking what they would debit when I guess!

My wife really loves SSR because she loves Downtown Disney. I am in love with Bay Lake Towers now, we took the tour of the rooms but I have not gotten to see it open yet.

I know exactly what you are dealing with, we had already committed to cash only lifestyle (I found Dave Ramsey) so right now we are focused on paying down the debt we have left (school loans, and a little to DVC) and then we will get back down there. We are hoping to make a trip in July because I want to see the Space Shuttle launch live before they stop flying them next year. We've tried twice and missed it both times!

[zpbk13]

I have read Dave Rasmey before. Probably need to pick up his book again as a refresher. We have a trip planned (booked 11 months out) for this December for our 16th anniversary. We had friends going along who were going to pay for the gas round trip in exchange for a room but now they are backing out. We will most likely still go. Just the expense of gas and we'll use our usual grocery money for the week to buy food. Gotta love having a fully equipped kitchen. We've been to Hilton Head so many times that we don't need souvenirs or anything. It will nice to just to get away and celebrate our new cash-only post-bk life. We anticipate discharge in late November.

Thanks for sharing your experience with me and it's nice to meet a fellow Disney fan on the board. I hope you get to see the shuttle launch!

[LSUTiger32]

I have read Dave Rasmey before. Probably need to pick up his book again as a refresher. We have a trip planned (booked 11 months out) for this December for our 16th anniversary. We had friends going along who were going to pay for the gas round trip in exchange for a room but now they are backing out. We will most likely still go. Just the expense of gas and we'll use our usual grocery money for the week to buy food. Gotta love having a fully equipped kitchen. We've been to Hilton Head so many times that we don't need souvenirs or anything. It will nice to just get away and celebrate our new cash-only post-bk life. We anticipate discharge in late November.

Thanks for sharing your experience with me and it's nice to meet a fellow Disney fan on the board. I hope you get to see the shuttle launch!

Yeah we have really gotten so much better since we (mostly I) started to get on board with Dave. It's not rocket science, it's just common sense and it makes sense.

I noticed we did everything within a few days of each other. You filed two days after me, had your 341 three days before me and we will both discharge in November! I won't get mine closed though until 2010 because the TT wants to see my tax returns.

[zpbk13]

How funny that our filings were so close. I hadn't even noticed that. Talk about tunnel vision!

Are you registered with Pacer? I have been thinking about it but just don't know if I want to take the plunge. I figure if something is wrong, my attorney will let me know right away, she's great with things like that. If I have a Pacer account, I might start obsessing again and I don't really want to do that.

The trustee wants to see your 2010 return, huh? I wondered if our trustee would ask about our returns but he only asked what we received this year and that's it. I thought he might ask what we spent it on (city taxes) but he didn't and never mentioned our upcoming 2009 filing, which is fine by me. I just want my fresh start and to put all this behind us.