OP probably won't like this comment but if they would allow you to keep the DVC points, there is something seriously wrong with our system.
I would be stunned if a bankruptcy court would allow other debts to be discharged while a DVC contract--which has real value--is retained. A timeshare meets the textbook definition of a luxury purchase. Not only that, but ownership requires recurring payments for dues and often thousands of dollars more per year for owners to actually USE the points for stays at Disney theme park resorts (transportation, tickets, meals, etc.)
You might want to investigate selling the contract to pay off other debts rather than trying to keep it and digging another hole.
Good luck.
Disclaimer: I'm not a lawyer, nor do I play on on TV. You should get legal advice from a real lawyer, not a discussion board.
I'd guess probably not since its not your primary residence.
I agree with the other posters here. If you have not filed yet, I would sell your DVC ownership and pay down debt to avoid going bankrupt if you can.
I am sorry you are facing this decision. Unfortunately this has happened to many in this poor economy.
I am a lawyer and you need to talk to a bankruptcy attorney where you live. There is no substitute for a consultation and advice from s local lawyer......
My understanding is maybe, it's up to the trustee. I agree with talking to a specialist attorney and that it's unreasonable to be able to take vacations in this situation.Will I be able to keep my Dvc if I file Bankruptcy. I live in Florida.
Dave
IGNORE this advice. It is hands down the worst advice that has been given to you.
A real assessment of your situation needs to be done to determine if that is a good move. This advice comes from people who do not know your situation.
This is hands down the BEST advice given to you.
There are difference chapters of bankruptcy. They changed during the Bush (Jr) administration.
I declared prior to that. Remember, bankruptcy is meant to protect your assets, restructure, or relieve you of debt.
I "listened to advice" I got...went super tight for a year, and tried to avoid filing. It did not work. Still filed. I would have saved thousands if i had filed a year earlier.
Your credit rating will get pounded...but how much do you need credit? A house...a car....if you have those things....your credit rating is not as important.
SEE A LAWYER
Call Saul and lawyer up (if you are a breaking bad fan)
No offense, but your statement "I would have saved thousands if i had filed a year earlier" represents everything that is wrong with our country.
No offense, but your statement "I would have saved thousands if i had filed a year earlier" represents everything that is wrong with our country.
Yep. But I have issue with people stealing. Because that is what is happening. Someone who provided a product or service isn't being paid because of "your" bad choices. Sucks to be them I guess.
Excellent point! We don't know what has happened to someone who got to this point. It's not our place to judge. No one is perfect and EVERYONE makes mistakes if it's even that. Medical issues add up fast. One major illness or injury and you have thousands of dollars in debt!That was HIGHLY personal, and neither of you know anything about what others do or don't do. For instance, did you know the biggest majority of filings come from medical bills? So it's someone's "choice" to get ill or have children that are ill? I recommend people leave the judging to a higher power and quit assuming they know everything.