I"m so going to get flamed for this so I'm suited up

[pixierella]

We bought BLT last October and are about to make our first trip home. Between then and now though our money situation has gone from good to very bad credit card wise. We actually filed for bankruptcy last week. But chapter 13 where you pay back a percentage of what you owe. So it's not totally walking away from our mess free and clear.

With what we have to pay back we can still make our DVC payments and I would love to hang onto our "home". But I realize this is not something we should do.

Is there a way to transfer the membership to a relative who would love to have it instead of selling it?

 

[Chuck S]

The mortgage is secured by the ownership. It has to be paid in full before it can be re-deeded.

 

[Dizny Dad]

We bought BLT last October and are about to make our first trip home. Between then and now though our money situation has gone from good to very bad credit card wise. . . . . .

Sorry to hear about your situation. Some may think that it could never happen to them, but many are just a few paychecks or an illness away from the same situation.

Hang in there. . . . HE has a plan for you.

 

[drusba]

Agree above that your mortgage is secured by your property interest and you cannot just transfer it without paying off that mortgage. However, you have another issue. Because you are in bankruptcy, you cannot transfer anything like this without going through all the approriate steps in bankruptcy to get approval and the mortgage holder will have a say in what is to be done. In fact, right now you should not be thinking of selling or transfering any large value items you have without discussing it with your bankruptcy counsel first.

 

[pixierella]

Agree above that your mortgage is secured by your property interest and you cannot just transfer it without paying off that mortgage. However, you have another issue. Because you are in bankruptcy, you cannot transfer anything like this without going through all the approriate steps in bankruptcy to get approval and the mortgage holder will have a say in what is to be done. In fact, right now you should not be thinking of selling or transfering any large value items you have without discussing it with your bankruptcy counsel first.

We did do the finacing through Disney so I wasn't sure how that would go. That's why I was thinking I could transfer it so we wouldn't make any money off of it. Thank you though for the advise.

And thank you to everyone else who answered.

 

[backyardponder]

Maybe you might consider renting your points. I've never done it, but it seems pretty easy. You'd probably recover your annual fees and maybe get enough to cover some of your payments.

 

[carlbarry]

Whatever you do with it, I advise consulting with your Bankruptcy Trustee first. Even renting the points for income will be problematic, and you don't want to be in a situation where he thinks you are hiding assets. Or, that your creditors find out you have income that you didn't declare in your filing.

 

[FindTheMickeys]

I am so sorry to hear about your situation. No one knew how bad the economy would become and I'm working 2 jobs to keep ahead of the bill collectors myself. But I refuse to giveup my vacations, even if the family kept insisting that I sell my ownership. I have paid off my loan and will enjoy those vacations that I will need after years of working 7 days a week If I understand bankruptcy correctly, you either keep your ownership or you dump it into the bankruptcy. I'm not sure why you would feel that it isn't something you should hang onto but I agree with others, you shouldn't do anything without talking to your bankruptcy lawyer...
Good luck and God Bless

 

[toniosmom]

No need to suit up. We DVC DIS-ers wouldn't dare kick you when you're down.

I agree with previous posters that you should consult your bankruptcy trustee/counsel.

I just wanted to say that I wish you the best. Whatever happens, it will be for the best.

 

[Chellymouse]

No flames here! Sorry to hear of your situation! Hopefully, things turn around for you and your family. I agree with everyone, you need to consult the person handling your proceedings. Best of luck to you!

 

[dclfun]

I just wanted to also say how sorry I am to hear of your situation. There are lots of folks in the same boat who never thought they'd be there. All of us who have jobs are fortunate, let alone those of us who are able to have DVC. I wish only the best for your family and future.---Kathy

 

[danielle782001]

No flames here! Sorry to hear of your situation! Hopefully, things turn around for you and your family. I agree with everyone, you need to consult the person handling your proceedings. Best of luck to you!

I agree

 

[pixierella]

Thank you everyone for your encouraging words. If I didn't tell the attorneys about the time share they would have not known. It doesn't show up on a credit report. When I told them they told me that the judge will make me get rid of it. Some judges don't but this one does. And I guess rightfully so.

At least I get to go home once. And who knows, down the road maybe we'll be able to buy again. Doesn't mean we'll never go to Disney again right?

 

[DisDaydreamer]

Thank you everyone for your encouraging words. If I didn't tell the attorneys about the time share they would have not known. It doesn't show up on a credit report. When I told them they told me that the judge will make me get rid of it. Some judges don't but this one does. And I guess rightfully so.

At least I get to go home once. And who knows, down the road maybe we'll be able to buy again. Doesn't mean we'll never go to Disney again right?

We're helping our son through BR right now. It is sooo confusing and the attorneys think you know what they are talking about, but they don't realize that for most this is a new experience. I am a pretty savvy person, but I have to constantly ask for clarification. It is frustrating, humiliating, and depressing, BUT! Thankfully, we all have the opportunity to surface and swim to shore. It is not easy, but I wish you the best and hope your future is happy.

You'll go to Disney again. Just look at the rental boards... Pretty darn good deals if you ask me.

 

[PinkRhombus]

Thank you everyone for your encouraging words. If I didn't tell the attorneys about the time share they would have not known. It doesn't show up on a credit report. When I told them they told me that the judge will make me get rid of it. Some judges don't but this one does. And I guess rightfully so.

At least I get to go home once. And who knows, down the road maybe we'll be able to buy again. Doesn't mean we'll never go to Disney again right?

I know this is a rotten place you're in, but don't make it worse.

How much money are you going to have to put out to go? Regardless of what you'll lose if you don't go, you'll still have to put out more funds than you have. Cut your losses.

But morally...companies are forgiving part of your debt within this bankruptcy. Going to Disney is not a good way of thanking them.

 

[Chuck S]

I know this is a rotten place you're in, but don't make it worse.

How much money are you going to have to put out to go? Regardless of what you'll lose if you don't go, you'll still have to put out more funds than you have. Cut your losses.

But morally...companies are forgiving part of your debt within this bankruptcy. Going to Disney is not a good way of thanking them.

It depends, with DVC they can do it pretty cheaply. The room is already paid, so not using it wouldn't be any more $$ for the creditors. If they've already purchased airfare, then that $ is already gone, too. The only thing they may need would be park tickets and meals. With DVC you can save a bundle eating in your room, and they'd need to eat whether they stayed home or were traveling. So the main added expense would be the park tickets.

 

[pixierella]

I know this is a rotten place you're in, but don't make it worse.

How much money are you going to have to put out to go? Regardless of what you'll lose if you don't go, you'll still have to put out more funds than you have. Cut your losses.

But morally...companies are forgiving part of your debt within this bankruptcy. Going to Disney is not a good way of thanking them.

You're right and if I was at the point where we didn't already have plane tickets and bought gift cards for our meals and our park tickets I'd say we wouldn't go. All of this money was made by renting our incentive points.

Also we just filed the bankruptcy 5 days ago. We have weeks until we have to go before the judge. And I asked if we should cancel our plans and the lawyer said no since it's all paid for So yes, if we did go it would be throwing over $1,500 away since we can't get a refund on anything.


But getting rid of our DVC is something we know we have to do, we just are sad to see it go.

 

[5forDiz]

Good luck pixierella & sending pixie dust your way hope things are worked out real soon so you'll soon be on positive path. I'm not an expert on these things, but you might want to look further into what you options could be re DVC membership since it doesn't appear on your credit report & what your attorney told you about a particular judge who will make you get rid of it ( ? ) - - what about appearing before another judge instead ?

Best wishes

 

[BLTtinkerbell]

I just wanted to say good luck to you and your family.

 

[jdg345]

Good Luck!