Legal Question in Bankruptcy in California

Real Property Exemption

The total amount owed on a timeshare I purchased is $12,000. The only money I paid into it was $367 that I put down at the time of execution of contract. My question is when completing Schedule A on the bankruptcy petition, would the value be $367 and the secured claim being $0. Also, on Schedule C would I claim the $367 as value of exemption, with the current market value being $367? The Trustee assigned to the case asked me to amend my petition and file by 3/25/05. Any immediate advise would be greatly appreciated.


Asked on 3/23/05, 1:48 pm

1 Answer from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

Re: Real Property Exemption

The timeshare should be listed on Schedules A and D, and if you hold any equity, then on B and exempt the equity on C. It seems, though, that you probably don't have equity in the secure debt. What is the resale value of the timeshare? That's probably what you should list on A and D.

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Answered on 3/23/05, 5:25 pm


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