What to do if my wife’s ex-husband has filed for Chapter 13 bankruptcy and they have joint ownership of a timeshare?
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What to do if my wife’s ex-husband has filed for Chapter 13 bankruptcy and they have joint ownership of a timeshare?
Under a Class 3 claim, my wife’s ex indicates he is “surrendering the following property securing an allowed secured claim to the holder of such claim”. The said property is a timeshare that they have co-ownership of. Does this mean a debtor can take over his share of the timeshare? Or does it really mean that my wife now has 100% ownership rights, along with 100% of the maintenance fees, etc.?
Asked on March 14, 2012 under Bankruptcy Law, Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If your wife's former husband has filed a chapter 13 bankruptcy (reorganization) where they have joint ownership in the timeshare, and if he is surrendering his ownership in the time share, it means that he is surrendering his interest in it to the lender on the property or any lien holder as to it. As a result, if your wife want to keep her ownership in the time share, she needs to pay the dues on it.
I suggest that your wife consult with an attorney who practices in the area of business law.
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