Anyone know how to get rid of a TIMESHARE?

[LostNFound]

Hey All.
We purchased a timeshare (on a credit card) for $14K in 2007. We still owe about $8K on a payment plan with Hyatt Hotels. I hate the timeshare. We never use it. In fact, we had to use the vacation by this Thanksgiving or lose it--so we are going away that one week (can't hardly afford it). BUT, I want to get rid of this thing. I've had it up for sale (online broker) and had no luck because those things are probably scams anyway. We paid another $500 for them to list it for us (also on credit card).

We no longer are paying our credit cards. We gave a house back on that we had purchased on contract (rental house we owned). We've sold another property this week (lost $2K) and have 3 other houses up for sale. We are doing everything we can to avoid bankruptcy. But if we succeed at not filing BK, how can I get rid of this stupid timeshare? Can it foreclose like a regular property? And how do they access a value on that? Do we actually OWE them the remaining amount? It's not like they will admit to reselling the stupid thing, would they?

Any advice? I can't find a thing about how to get rid of a timeshare on the internet...short of giving it to a charity or selling it to someone else.

[HHM]

Yeah, just stop paying, it will go away pretty quick.

Of course, I take issue with the idea of "doing everything possible to avoid bankruptcy".

Why, don't you want to be free of debt?

[LostNFound]

Great Question!!
I guess it's a personal need to feel that I tried everything without just "giving up". I was one of those that my credit score was so important to me. I laugh about it now. So, I'm sure I will take issue with a comment like I just made--once reality starts to set in for me.

I also don't know what to expect with bankruptcy. I worry about how difficult it may be for us because I feel that we have a lot of assets. We own our home and we have 6 other houses that we own and rent them out. The real estate market crashed and selling these homes has been difficult to do.
My biggest issue at this point is that we sold our camper to my parents in the spring. I think it was maybe April/May. We sold it for $4K. My mom wrote us a check for $2500 of it and paid cash (over time) for the rest of it. I'm afraid that we will get into trouble for doing that because I read that your not allowed to sell things or transfer ownership prior to filing.

I guess it's just unfamiliar and scary and I feel like we will get into trouble for charging on credit cards and then not paying them or selling that camper or whatever. I am meeting with the lawyer next week to figure out what we do from here. I just talked to him on the phone and I can tell that I'm already not liking him. He's also a trustee, so I'm sure he's not going to be easy to work with.

I guess that's not a very solid answer. It's just how I'm feeling right now. Tomorrow could be a new day.

[Snickers]

Go with your gut when you choose your Attorney. Most all offer a free consultation so it doesn't cost anything (except time) to talk to a few. Having an Attorney that you are comfortable with will make a world of difference.

[LostNFound]

Yep Yep! I am changing attorneys. The longer the day went on, the more it bothered me. I've been though enough tough stuff. If I want to turn a corner and try to make my life better, I need to feel good about my attorney. I canceled my appt with the crabby old man and requested paperwork to start with a newer, younger, but NICE guy. I liked his secretary too. So yea, I'm going to have to put off the first meeting another couple weeks, but I'll feel better in the long run.