Legal Question in Real Estate Law in New York

I don't know timeshares as well as houses. I do foreclosures (helping the HOMEOWNER). Remember that ALL your assets have to be listed in the bankruptcy. This includes the time share. You can also tell them you want the equivalent of a deed in lieu of foreclosure and you cannot afford the fees anymore-filing for bankruptcy. The important things with these is you DON'T want it 1099d and be stuck paying any difference from what they ultimately sell for-"just the deed in lieu transaction and we are done-period". A 1099 means they send you a 1099 and you have to pay taxes on that difference I mentioned (I am unsure if they can do this on a timeshare or a non-investment property). OR, they will chase you down for the difference from what they ultimately sell for, maybe getting a court order to freeze your bank accounts, and there is lots more they can do. Under NY law, bank accounts can be frozen for 2X the amt sought, then the collector proves he is entitled to the money, the bank releases it, and then unfreezes the account. Sometimes they do this to every bank account they can find (happened with a client-$5K owed on us winning small claims case, the collection agency froze 2 different bank accounts from the loser of the case for $10K each after he showed the banks the order from the court stating we won $5K).

I hope this gives you some guidance even though it does not directly address time shares.