We defaulted on a Timeshare

[HBZippy]

Jurisdiction

Texas

Hello. My husband received a small inheritance when his mother died and we had good, steady jobs. So we decided to get a timeshare so we could "get away" a couple times a month. Well, he had some health issues a few months later and we defaulted on our credit cards first. (There were 2 and small). The timeshare went about 6 months after we started paying. We just want to know what they can do to us? Will we have to pay them back? Our credit is already bad and our jobs barely keep the property taxes paid.

 

[army judge]

Hello. My husband received a small inheritance when his mother died and we had good, steady jobs. So we decided to get a timeshare so we could "get away" a couple times a month. Well, he had some health issues a few months later and we defaulted on our credit cards first. (There were 2 and small). The timeshare went about 6 months after we started paying. We just want to know what they can do to us? Will we have to pay them back? Our credit is already bad and our jobs barely keep the property taxes paid.

The BEST thing you can do is file a chapter seven bankruptcy.
You complete it, there's nothing any of your creditors can ever do to you.
Bankruptcy was created to allow good, honest, decent, hard working people like yourselves to recover, receive a fresh start.

You finish BK, you'll be set.

Talk to a couple BK lawyers, you'll see how your future can improve.

In Texas, there's very little a private creditor can do to a debtor.
It's very difficult, some say impossible, for such a creditor to levy your wages.
It's IMPOSSIBLE for a private creditor to do anything to you after (or during) a BK.

 

[Michael Wechsler]

It seems that bankruptcy may be the appropriate choice. You should speak to a bankruptcy attorney or specialist about your finances. Regarding the timeshare, if it has a value to sell, that might be an option for you. It will be worse if you end up having a forced sale as I don't know that vacation property will be covered among your exempt property. Foreclosure costs are applied against the proceeds of the sale and, given your equity in this case, might even exceed the proceeds of the sale of the property. Best of luck to you.