Legal Question in Bankruptcy in Massachusetts

Re: Timeshare

Hello,

Before you can determine whether the timeshare would be at "risk" if you filed bankruptcy you would first need to know the market value of the asset to determine if you can "exempt" that asset. A bankruptcy attorney could answer that after a review of your overall situation.

Your SSI and pension would be protected should you file bankruptcy.

The bankruptcy court charges $200 for a chapter 7 petition. In addition, attorney fees range anywhere from $650-1500 depending on the complexity of your case.

Considering bankruptcy as an option is seldom an easy decision. The bankruptcy laws were designed and enacted to give honest debtors who find themselves in a very difficult financial situation a "Fresh Start."

I hope this addresses some of your concerns.

Michael Eramo

[email protected]

Website: www.EramoLaw.com

Re: Timeshare

In all likelihood your time-share could be protected, depending on what other assets you have. The question is whether you really want to protect it. These are the kind of issues a good bankruptcy lawyer can help you work through.

Good luck, and feel free to call if you want more details.

Re: Timeshare

The Chapter 7 trustee can take any property in which you have non-exempt equity, unless you can pay the value of the equity to the trustee.

The equity is determined by deducting the balance owed from the fair market value. Most time shares are not worth even as much as the balance due, so there is no equity.

Determining what exemptions you can apply is the most complicated part.

For a simple C. 7, my fee is $500. If you just want me to do the paperwork, and not represent you, my fee is $350. If you want to buy the do-it-yourself kits available at Staples, Borders, Barnes % Noble, etc., for about $25-30, and have me review the completed draft forms, and you do the revisions, my fee is $75.