0
Yes
suggested revision
In some ways, it is an asset. It can provide the owner a great location to relax and have fu during vacation week. However, it has a corresponding liability. The owner must pay the increasing maintenance fees.
In all ways the property, like your house or a car or your airplane or jewelry is an asset. And for the filing of bankruptcy, it is most certainly an asset. Yes the debt is a liability. and yes the debt may be secured to an asset, but it does not change that the asset is an asset, or even the gross value of that asset. Agreeably, the "net equity in the asset" may be small or even negative.
Nonethless, as bankruptcy process can use assets to satisfy debts and even, or especially, discharge the debt (liability) and use the asset to pay off others, that is how it should be reported.
And really, I cannot think of any other way, anyplace, that it would be different.
(Once again...your million dollar house is a million dollar asset. The loan on it of 2 million is a debt/liability. You may have no equity...you may owe more than it s worth. BUT, the house is worth that million, regardless of if it has a loan attached to it, or not. YOUR costs of ownership, maintenance and such, may make it a bad investment, and nothing worth owning, but it is still an asset. It is those other things, which are themselves liabilities, that make it less valuable to you.
Consider, if the timeshare has no loan secured by it, (the future maintenaince fees or possible appreciation is not really a consideration, and the debt was instead made as an unsecured and personal loan, your bankruptcy/insolvency would be the exact same. Hard to sell, but worth something.)
The current economic situation and the disadvantages brought about by owning a timeshare made this type of property more of a liability. Do not be fooled by those timeshare presentations that says it can be sold out or rent out easily.
Well, some owners are really well-off and look for luxurious ways of vacationing. A timeshare might be for them and in a way they treat such property as an asset to achieve their dream vacation. But for those average vacationers who might think that a timeshare can yield a return of investment by selling it later, then, I totally disagree with that.
Yes, it can be considered an asset since the term is you own a unit. In fact, you can also include your timeshare if you file for bankruptcy.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Can a timeshare be discharged in ch 7?
A timeshare is an asset, not a debt. It cannot be discharged. If you are in arrears in your timeshare payments, like being in arrears on a mortgage, you would be able to surrender the timeshare and discharge the arrears.
When is the best time for selling one's timeshare?
There are many websites that claim timeshares are difficult to sell. One can't really be certain of when the best time to sell one's timeshare would be.
What is fictitious asset?
A fictitious asset is a claimed asset that does not actually exist. It is considered fraud to claim a fictitious asset.
What is the claim on the property or income of a borrower?
financial asset
What is a claim on the property or income of a borrower called?
financial asset
How does bankrupTcy affect timeshare ownership?
The timeshare is like any other asset. If the timeshare developer is filing for a bankruptcy, the result is their services and amenities would tend to lower. There is also a possiblity that the establishment would eventually stop its operation. If a company is on a state of bankruptcy, that means it has lesser resources to spend on its services. The same case in timeshare companies. They would have fewer financial resources to be spent on maintaining their timeshare resorts. It's very simple, the services and the quality of a certain timeshare start to diminish up to the point of closing the resort. In some cases, timeshare companies filing for bankruptcy would tend to increase their charges to its customers until they eventually stop their operations. This is also a way of coping up with their profits.
Can you file chapter 7 bankruptcy if you owe on a timeshare?
Yea, you can. You must list it as an asset, minus any liens, including a purchase-money loan. you can surrender it or reaffirm the debt.
Where can I find help selling a timeshare?
You can find help selling a timeshare. You can reach out to local timeshare resale companies. For tips on selling a timeshare go to www.timesharehelp.net/.
Where is a good place to search for timeshare resales?
If you're looking for a timeshare, you will need to investigate in the city where you want to own the timeshare. Often a realtor can help you find a timeshare broker.
What is a binary agreement for a claim for a sweepstakes?
Binary agreement for a claim for a sweepstakes is a payoff which is either fixed amount of an asset or nothing at all.
Where can one purchase a worldmark timeshare?
To buy any sort of timeshare, check into companies and websites such as Timeshare Angels or Timeshare Liquidation. Some timeshares are even sold through eBay.
Where can a person find listing for timeshares for rent?
There are many different sites that have timeshare rental listings. Some of these sites include Timeshare Helper, Sell My Timeshare Now, and Vacation Timeshare Rentals.
