Timeshares and Bankruptcy

When someone decides to file for bankruptcy, the first step he or she must make in the process is organizing all assets and debts to review with their bankruptcy attorney. Any property that person owns is considered an asset and can be eligible for liquidation to pay off creditors. One form of property that is considered an asset and could be eligible for liquidation is a timeshare. A timeshare is a property typically owned by multiple parties who each share time living at the apartment or condominium.

The handling of timeshares in the bankruptcy can be unclear and confusing, so it is advisable that you contact a legal professional to discuss your options. If you are considering bankruptcy, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494 today to schedule a free consultation with an experienced attorney to discuss your legal options.

Different Timeshares

There are many different types of timeshares. Some examples of timeshares include:

• Life property – the owners are free to use the property whenever and as frequently as they want for life.
• Leased property – allows owners to use the property for a specific amount of time, much like leasing a car.
• Fixed week – owners use property on a fixed schedule
• Deeded property – an individual or group has complete ownership of property. Can be passed to family members.

Each different type of timeshare has different restrictions for bankruptcy filings so contact one of our attorneys today if you have any questions.

Contact Us

Do not delay seeking the legal counsel that you need to help you to identify the right course forward from your current state of financial distress. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, by calling 480-829-0494.