Bankruptcy

[dallport]

Will I be able to keep my Dvc if I file Bankruptcy. I live in Florida.
Dave

 

[awilliams4]

I believe the answer to this is yes.

Not sure if this answer depends on whether you actually own the points or still have a loan on them or not though.

 

[OKW Lover]

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.

 

[tjkraz]

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.

 

[JaimeA]

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.

I agree

If you can afford to keep vacationing then you shouldn't be filling bankruptcy. I wish you the best but don't believe it would sense to keep the timeshare, sell it and use that money to pay down some debt.

 

[drusba]

The answer is a big maybe and will depend first on whether the property is held by tenancy in the entirety, which it will be if you purchased with your spouse and the deed says "husband and wife" (that creates a tenancy in the entirety) but if you purchased without a spouse it likely is not held as tenancy in the entirety and will be subject to the backruptcy and potential sale. If it is tenancy in the entirety property, it can potentially be exempt from bankruptcy but that is where you are going to need to talk to your bankruptcy lawyer because it can depend on particular facts of the case including such things as who is in bankruptcy (just you or both you and your spouse), type of creditor such as a mortgage holder on the property versus others, whether creditors challenge the exemption, and even what bankruptcy judge you have in Florida because rulings have not been uniform.

 

[dwelty]

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.

 

[Trooper8286]

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 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......

Sent from my iPhone using DISBoards

 

[jerseyduke]

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.

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.

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......

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)

 

[Deb & Bill]

If you did choose to sell, it's a seller's market right now and could give you some cash.

 

[Dean]

Will I be able to keep my Dvc if I file Bankruptcy. I live in Florida.
Dave

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.

 

[smidgy]

Call Sol and lawyer up (if you are a breaking bad fan)[/QUOTE]

um, that's Saul...

 

[ppony]

I just wanted to say to the OP that I feel for you! We were in a much better place when we bought in and things are terrible now, but we hold onto our contract and our once every TWO years vacations w/ our dying breaths. It's your one ray of sunshine in all the gloom. I completely understand your feelings. My best to you and I hope things turn around for all of us in difficult situations.

 

[smidgy]

in the meanwhile, you could rent your points. it would give you the money to pay the maintainence fees.

 

[Mickey527]

I had a major financial setback last year and had to file bancruptcy. I was able to take out my retirement and save my house but I just couldn't afford to pay off the credit card debt. It was under $12,000 but bancruptcy was the only way my mortgage company would allow me to save my house. (long story short but very bad attorney giving very bad advice. he has since been disbarred but not before he could hurt many many people.)
anyway,
About 6 months before the bancruptcy I tried to sell my DVC at Wilderness Lodge for $75 a point. I got offers of under $50 a point and turned them down. I did claim the DVC and claimed it at the $50 per point I was offered. The judge told me that since I felt I could maintain the monthly dues I could keep it and if I couldn't then the owners (Disney) would take it since the court couldn't and wouldn't take the time to sell it. My new attorney told me since it was paid in full to "keep it to myself" and not mention it on my list of assets.
Prices have gone up quite a bit since then on DVC resale so definately ask the attorney.
But I remember when I purchased through Disney, they never checked my credit and the payments were never listed on my credit ratings so it is really a "hidden" asset. Mention this to your attorney and he might even tell you to just keep it to yourself.

 

[davedmaine]

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.

 

[Granny square]

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.

 

[ppony]

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.

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 also assume you are unaware that the credit "system" is very elaborately set up to KEEP you in debt. I also love how its a bad choice to have millions lose jobs through apparently all because of their "bad choices". I recommend people leave the judging to a higher power and quit assuming they know everything.

 

[jennylyn_b]

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.

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!
Let's not judge others

 

[Granny square]

Of course I don't know the story. But the fact is that someone is losing money when people file. Someone who did their job is just sol. Where is the love and pixie dust for those folks.