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Old 04-30-2013, 07:17 PM   #16
Dean
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true have to wonder how many 'deals' DVC gets courtesy of the trustees
Likely quite a few. I am certainly no bankruptcy expert (thank goodness) but I do know that the property risk varies with whether it's a common law property or community property state. Thus there are situations where a property is at risk for a married couple with one filing even if their name is not on certain assets. I also wonder if there's a way to save the DVC in this situation to the other spouse but realize it'd be up to the trustee and applicable laws.
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Old 05-01-2013, 02:30 PM   #17
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Likely quite a few. I am certainly no bankruptcy expert (thank goodness) but I do know that the property risk varies with whether it's a common law property or community property state. Thus there are situations where a property is at risk for a married couple with one filing even if their name is not on certain assets. I also wonder if there's a way to save the DVC in this situation to the other spouse but realize it'd be up to the trustee and applicable laws.
not sure either but believe in PA a joint asset is sold, not sure how that would apply to one's home, hope i never have to worry about it.
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Old 05-04-2013, 11:10 PM   #18
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Slightly OT but found this interesting:

A friend is filing chapter 7 (due to medical bills) single not joint with her spouse. Most of the assets are in her husband's name including the deed to 'his' house which they never switched over when they married.

she tells me that her lawyer (in PA) states their home is excluded but their DVC timeshare (no mortgage) will be sold for pennies on the $. However, if they had a joint mortgage on it, the trustee likely wouldn't bother with it.
If the DVC is titled as Tenants by the Entirety (i.e., in both Husband and Wife's name), and she is the only one filing for bankruptcy, than DVC is most likely protected. The only question is if there are any unsecured creditors that are jointly titled in both Husband and Wife's names in the bankruptcy. If not, than DVC is protected (again if it is titled as TBE). Both FL and PA law on TBE are the same, only joint debts or if Husband is co-debtor can cause the liquidation of the DVC timeshare.

Also, if there is a joint debt, and lets say the debt is $2K, the Trustee will allow the Wife or Husband to pay the trustee $2K to keep the DVC time and the $2K will be distributed to the unsecured debtors.

I once had a trustee get annoyed at me because one my client's had a house with substantial equity titled as TBE and he went over the credit report for 10 minutes trying to find a joint debt. Wife was not included in bankruptcy and when he could not find a joint debt. After he was done, I responded "I told you I did my due diligence."
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Old 05-06-2013, 08:59 AM   #19
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mistergq so complicated of a process, thanks for that explanation, very interesting. I'll mention it to my friend the next time i speak with her to check the deed's title.
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