Legal Question in Bankruptcy in California

exempt property

I am wanting to file a Chapter 7 Bankruptcy because I have a lot of credit card and medical bills. I need to know what property I can keep, particularly 1 item:

I have a time share with a company that allows me to use the time share at condos at several different locations, but it shows on the agreement one particular location. It says that I have 3 weeks a year that I can use the place. I have paid in about 16,000 and I still owe about 7,000. I am willing to reaffirm the 7k debt. But will the BR court allow me to keep the ownereship to the 3-weeks a year property or will I have to give it up since I have 15K in equity in it? Thanks in advance.


Asked on 2/23/04, 10:57 pm

2 Answers from Attorneys
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: exempt property

The property does not qualify as homestead property. You are making a mere guess of the value of the time share. You need to consult with competent bankruptcy counsel.

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Answered on 2/24/04, 12:30 am
Robert F. Cohen Law Office of Robert F. Cohen

Re: exempt property

To file BK in CA, you need to have had a residence here for the majority of the previous 180 days. If so, a Chapter 7 wild-card exemption would cover the equity in the time-share if not used for much else. You would not be afforded the homestead exemption. Of course, you should have your interest in the property appraised.

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Answered on 2/24/04, 12:59 am


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