Timeshares

[butterfly57]

I'm new here and have been scouring the site in hopes of finding some info. on what happens with Timeshares. I have one that is paid off in Florida and the monthly maintenance fees are only $33.00. It's not worth much if I tried to sell it. Maybe if I were lucky I'd get $300. I'd like to keep it. My attorney says timeshares are pretty much a pain in the butt for the trustees to even mess with but they may want me to pay them for it. (I don't know all the proper BK lingo yet so forgive me). So for anyone that has owned a paid off Timeshare as they went through BK Chapter 7, what has been your experience with your timeshare (in regard to the trustee)? Any advice?

[basketsbears]

We have two timeshares. One of the attorneys we spoke with said if we wanted to keep them, we could include them in our "wildcard" exemption, then we would be able to take off the maintenance fees. I am not sure if we can or not as we haven't filed yet. I wouldn't mind getting rid of them as it is at least $1,500-$2000 year cost to us. Another attorney (who we will probably go with) said we could turn them back in to the trustee. But, we haven't filed yet, so not sure how it all plays out.

Keep us posted on what you can do.

[IamOld]

We turned in two timeshares - we were sorry to let them go but they were a financial...well...

One was paid off BUT had a lien on it for $1,400 ANNUAL MAINTENANCE!!!! and the other still had a loan on it. So we surrendered both back to the timeshare co.

[tobee43]

not that experience. i dont' think a trustee wouldn't look at your timeshare as nothing more than an asset and will expect you sell it, unless you can prove it's not worth anything. (which here in florida the ts have lost so much of their value). we did have one but just did a warranted deed and handed it over to them.

[butterfly57]

not that experience. i dont' think a trustee wouldn't look at your timeshare as nothing more than an asset and will expect you sell it, unless you can prove it's not worth anything. (which here in florida the ts have lost so much of their value). we did have one but just did a warranted deed and handed it over to them.

Well, mine is in Florida and the little bit of research I've done shows it's not worth a heck of alot. I went on Ebay and for double the points I have at the same particular Wyndam location, they're trying to sell it for $375. So that would make my timeshare valued in the vicinity of $187.50! Of course back in the late 90's it cost around $6,000 plus add finance charges....yow! I'm not sure what proof I would need to show the value of this, I don't even have the paper deed to the property. Any ideas as far as what proof the trustee needs?

[butterfly57]

We have two timeshares. One of the attorneys we spoke with said if we wanted to keep them, we could include them in our "wildcard" exemption, then we would be able to take off the maintenance fees. I am not sure if we can or not as we haven't filed yet. I wouldn't mind getting rid of them as it is at least $1,500-$2000 year cost to us. Another attorney (who we will probably go with) said we could turn them back in to the trustee. But, we haven't filed yet, so not sure how it all plays out.

Keep us posted on what you can do.

My attorney is wanting to use my wildcard exemption towards my car which is paid off and NADA valued at $18,000, but CarMax I know will probably knock that way down to $7,000 or $8,000. The car needs major mechanical work and the rims are peeling, some body dings and deep scratches....so I couldn't even sell it privately for $18,000.

[BananaCabana]

My paralegal told us that the trustees in Florida are generally taking the timeshares now. Especially the more popular ones like Disney. They didn't use to find them worth their time and effort and ignored them but I guess that has changed within the last couple of years. We have one we would like to keep but may not have enough exemptions to do so. We can exempt most of it so I will have to see what happens when we get to that point.

[mountanddo]

About 8 years ago my ex and I went to Florida and decided to attend one of the "timeshare seminars". Somehow, don't ask me how, they talked him into buying a timeshare for $32,000. Nothing I said at the time detered him and he went ahead and signed the papers. While we were driving back to our hotel we saw a billboard that was advertising timeshare re-sellers. I made him go in and found the exact same timeshare in the same complex for $5000. Since we were approached to buy the original timeshare we had 3 days to recind what we signed...trust me we were there for about 6 hours just to sign that, they don't make it easy for you and were LIVID we were backing out. We got to keep the free gifts -

Our maintenance fees, I think were about $600 a year. He wanted to save our points and go to Hawaii which would of taken about 3-4 years of points. I pointed out that we could of just spent the $7,000 it was costing us in that amount of time and gotten the whole darn vacation paid for instead of just the timeshare unit for a week. He ended up getting the timeshare in our divorce which was fine by me. We never did go to Hawaii! LOL. Such a HUGE waste of money that could be spent elsewhere on your vacation. If you just do your research and plan ahead of time you can get very nice places to stay on a budget. Who stays in their hotel room on vacation anyway?

Timeshare realtors are pirranna's out to get every fish in the sea and to me use tactics that are just as bad a debt collectors.

[tobee43]

Well, mine is in Florida and the little bit of research I've done shows it's not worth a heck of alot. I went on Ebay and for double the points I have at the same particular Wyndam location, they're trying to sell it for $375. So that would make my timeshare valued in the vicinity of $187.50! Of course back in the late 90's it cost around $6,000 plus add finance charges....yow! I'm not sure what proof I would need to show the value of this, I don't even have the paper deed to the property. Any ideas as far as what proof the trustee needs?

you so right on this. ours was about the same ...and i think by the company you mentioned ours was the same company. we paid at first cash but then upgraded and would see these things on ebay for NOTHING...actually i even know someone that purchased on of the ones we upgraded by approx 8k for $500!!!!

so i would go for it, if i haven't owed on it, i most likely would have gone for it was well since they now have no value like you have pointed out.

[tobee43]

About 8 years ago my ex and I went to Florida and decided to attend one of the "timeshare seminars". Somehow, don't ask me how, they talked him into buying a timeshare for $32,000. Nothing I said at the time detered him and he went ahead and signed the papers. While we were driving back to our hotel we saw a billboard that was advertising timeshare re-sellers. I made him go in and found the exact same timeshare in the same complex for $5000. Since we were approached to buy the original timeshare we had 3 days to recind what we signed...trust me we were there for about 6 hours just to sign that, they don't make it easy for you and were LIVID we were backing out. We got to keep the free gifts -

Our maintenance fees, I think were about $600 a year. He wanted to save our points and go to Hawaii which would of taken about 3-4 years of points. I pointed out that we could of just spent the $7,000 it was costing us in that amount of time and gotten the whole darn vacation paid for instead of just the timeshare unit for a week. He ended up getting the timeshare in our divorce which was fine by me. We never did go to Hawaii! LOL. Such a HUGE waste of money that could be spent elsewhere on your vacation. If you just do your research and plan ahead of time you can get very nice places to stay on a budget. Who stays in their hotel room on vacation anyway?

Timeshare realtors are pirranna's out to get every fish in the sea and to me use tactics that are just as bad a debt collectors.

i know when they first came out that sounded oh so good!! now i know the fees on ours ran over 800 a week. shoot, we thought we could go somewere decent with that plus remember we had to pay for air fare whenever or where ever we used it. not a good deal at all. cool you could the same until for 5k. we did the same thing actually at first, we purchased a couple bk ones at almost nothing, it was the threat we had that they were knocking those "old" one down and we were going to have the reassessment blah blah ...all not true, by the way. so when we upgraded we assume more debt when a few minutes earlier we had none.

now they can keep them!

[butterfly57]

About 8 years ago my ex and I went to Florida and decided to attend one of the "timeshare seminars". Somehow, don't ask me how, they talked him into buying a timeshare for $32,000. Nothing I said at the time detered him and he went ahead and signed the papers. While we were driving back to our hotel we saw a billboard that was advertising timeshare re-sellers. I made him go in and found the exact same timeshare in the same complex for $5000. Since we were approached to buy the original timeshare we had 3 days to recind what we signed...trust me we were there for about 6 hours just to sign that, they don't make it easy for you and were LIVID we were backing out. We got to keep the free gifts -

Our maintenance fees, I think were about $600 a year. He wanted to save our points and go to Hawaii which would of taken about 3-4 years of points. I pointed out that we could of just spent the $7,000 it was costing us in that amount of time and gotten the whole darn vacation paid for instead of just the timeshare unit for a week. He ended up getting the timeshare in our divorce which was fine by me. We never did go to Hawaii! LOL. Such a HUGE waste of money that could be spent elsewhere on your vacation. If you just do your research and plan ahead of time you can get very nice places to stay on a budget. Who stays in their hotel room on vacation anyway?

Timeshare realtors are pirranna's out to get every fish in the sea and to me use tactics that are just as bad a debt collectors.

This is kind of ironic, I got the Timeshare in my divorce because my goal was to eventually go to Hawaii! It was paid off and the maintenance fees were & still are fairly low and affordable for me. But, you are so right about the timeshare realtors being piranha's! A simple 45 min sales presentation turned into an all day affair. The very first one we ever went to we didn't buy simply because we could not afford it. Wow was the sales person extremely angry! She accused my then husband of not caring about me enough to purchase something that would give me pleasure because I worked so hard! It wasn't pretty, she turned into a scary person. A couple of years later we went again to another Timeshare presentation and were able to afford it and we got sucked in. It didn't take me until a few years ago that I realized how little value my timeshare is in terms of selling it. And after owning it 10+ years I still haven't gone to Hawaii, the airfare has always been unaffordable for me.

If the trustee makes a big deal about it then they can have it, good riddance!

[mountanddo]

This is kind of ironic, I got the Timeshare in my divorce because my goal was to eventually go to Hawaii! It was paid off and the maintenance fees were & still are fairly low and affordable for me. But, you are so right about the timeshare realtors being piranha's! A simple 45 min sales presentation turned into an all day affair. The very first one we ever went to we didn't buy simply because we could not afford it. Wow was the sales person extremely angry! She accused my then husband of not caring about me enough to purchase something that would give me pleasure because I worked so hard! It wasn't pretty, she turned into a scary person. A couple of years later we went again to another Timeshare presentation and were able to afford it and we got sucked in. It didn't take me until a few years ago that I realized how little value my timeshare is in terms of selling it. And after owning it 10+ years I still haven't gone to Hawaii, the airfare has always been unaffordable for me.

If the trustee makes a big deal about it then they can have it, good riddance!

Well butterfly, maybe we should make a goal to get to Hawaii within the next 5 years ;) I know I'll enjoy it so much more now that I am divorced LOL

[keepsmiling]

Well butterfly, maybe we should make a goal to get to Hawaii within the next 5 years ;) I know I'll enjoy it so much more now that I am divorced LOL

Hey I wanna go too!!!!!!
Let's put a date on the calendar. 2016, all these bk's behind us, bright futures...

Went once in a previous life with miles so air was FREE.
Butterfly, if you can keep your timeshare and use it there, we're all staying with you
I'll start packing my swimsuit.

[mountanddo]

Hey I wanna go too!!!!!!
Let's put a date on the calendar. 2016, all these bk's behind us, bright futures...

Went once in a previous life with miles so air was FREE.
Butterfly, if you can keep your timeshare and use it there, we're all staying with you
I'll start packing my swimsuit.

Yea! Something to save for. I'm gonna open up my "Hawaii" savings account right after xmas.

[StrawberrySu]

Hey guys, just had to chime in! We spent our first two years of marriage in Hawaii, hubby requested it as our first duty station in the Navy. So at least in 1976 - 1978 it was awesome!!