THE NEEDLEMAN LAW OFFICE
ATTORNEY SCOTT R. NEEDLEMAN
Columbus Ohio Bankruptcy
As you move through the bankruptcy process in Columbus, Ohio of filing for chapter 7 or chapter 13 bankruptcy in Columbus, Ohio, you will take a close look at your assets and debts. For many, this means examining the current setup associated with a timeshare. If you want to get rid of a timeshare in bankruptcy, it is typically a simple process. All you have to do is tell your trustee that you prefer this, and he or she will attempt to honor this request. On the other hand, if you want to keep your timeshare you will find it a bit more challenging.
Here are the two types of timeshares:
One in which you have real ownership of a property
One in which you have ownership interest that gives you the chance to use the property during certain times of the year
Timeshares and Bankruptcy in Columbus
How your timeshare is impacted by bankruptcy in Columbus depends on the type, as well as whether you are filing Chapter 7 or Chapter 13.
With a Chapter 7 bankruptcy filing in Columbus, Ohio, a timeshare is categorized as non-exempt. If you own the timeshare, you have two options:
Hand it over to the trustee as a means of selling and paying off creditors
Pay the value of the timeshare
Note: although you can surrender the timeshare to your trustee, there is no guarantee of a sale. Timeshares are notoriously difficult to sell.
When you file Chapter 13 bankruptcy, you are not required to hand over any assets to the court. Instead, you will repay the value of your timeshare to creditors over the term of your repayment plan, which typically lasts three to five years.
With Chapter 13, you are eligible to keep your timeshare, however, you have to decide if it is a good idea to do so.
Should you Surrender your Timeshare?
Are you having a difficult time paying your annual maintenance fees? Do you owe money on your timeshare? If you answered yes to either question (or both), you will want to consider surrendering your timeshare. This allows you to “get out from underneath” your timeshare, which will improve your long term financial prospects.
If you own a timeshare and have come to the conclusion that filing bankruptcy would be in your best interest, there are questions to address. Contact us to discuss your current situation, including how your timeshare will be impacted if you decide to move forward with a Chapter 7 or Chapter 13 filing.
Posted By: Danny Worth his weight in gold
The best Attorney i had and does'nt play games and straight forward. If it can be done he will get the job done. He did damage control on another well known inexperienced law firm in columbus (clowns) messed up. Scott you're the best!
Posted By: Stephen Very Pleased
Scott Needleman is a wealth of knowledge, his service was accurate and timely. The service provided exceed the price. Thank you.
Posted By: Candice Great Lawyer
He made me feel comfortable from the beginning. I'm so glad a friend suggested him to me. He made the process as easy as possible and I can't thank him enough for his help!
Posted By: William No non-sense
I hires Scott to do a chapter 13. He was/is current with revised laws, knowledgeable, tough and looks out for his customers. And he was a boxer. YIKES!
Posted By: Winfield Chapter 7 Bankruptcy Case
Scott did a good job when I had to file for bankruptcy. He helped me eliminate my credit card debt and it only took 4 months. It didn't take the entire 6 months that I was expecting.
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