Posted on: 12th Oct, 2009 06:14 pm
I am on disability S.S. and can't keep up with my credit card debt ($10,000) been carrying amount since divorce in 2007. I own a timeshare that is paid in full. I am not in default yet but will be in February 2010. Will credit card company take my timeshare? Can I quick deed it to my grandkids before default? The only way I see out of my dilemma is filing Chapter 7. I live on $700 a month before I pay the bills.
if you defult on any loan or credit card,the lenders have the right to go after yoru assests and recover thier money
so there isa good chance that they cna do that.
may be a its a good idea to quit claim deed the tiem share, but when the lender goes to court, sometimes it may be look like a fraud
you can do chapter 7 and include this debt in chapter 7
so there isa good chance that they cna do that.
may be a its a good idea to quit claim deed the tiem share, but when the lender goes to court, sometimes it may be look like a fraud
you can do chapter 7 and include this debt in chapter 7
Hi missgagoots!
Welcome to forums!
The credit card company can place a lien on your timeshare if you default on your credit card debts. You can definitely quitclaim the property to your grandparents before you default on your credit card debts. Rather than filing bankruptcy, you can contact your credit card company and negotiate for a payment plan depending upon your income.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The credit card company can place a lien on your timeshare if you default on your credit card debts. You can definitely quitclaim the property to your grandparents before you default on your credit card debts. Rather than filing bankruptcy, you can contact your credit card company and negotiate for a payment plan depending upon your income.
Feel free to ask if you've further queries.
Sussane
>>You can definitely quitclaim the property to your grandparents before you default on your credit card debts. <<
Bad advice. Under the Uniform Fraudulent Transfer Act, enacted in many states, if you are unable to pay your debts as they come due, quitclaiming the property could be considered a fraudulent conveyance. If so, at the least the person receiving the property could lose it, at worst, they could be personally liable for the debt, up to the value of the property quitclaimed.
Bad advice. Under the Uniform Fraudulent Transfer Act, enacted in many states, if you are unable to pay your debts as they come due, quitclaiming the property could be considered a fraudulent conveyance. If so, at the least the person receiving the property could lose it, at worst, they could be personally liable for the debt, up to the value of the property quitclaimed.
Hi AlanF!
Welcome to forums!
I can understand that if the borrower is delinquent on his credit card payments and then transfers the property, then it would be definitely considered as a fraudulent activity. But what if the borrower is not delinquent yet? If he is current on his dues and transfers the property to someone else, then I don't think it would be considered as a fraudulent act.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I can understand that if the borrower is delinquent on his credit card payments and then transfers the property, then it would be definitely considered as a fraudulent activity. But what if the borrower is not delinquent yet? If he is current on his dues and transfers the property to someone else, then I don't think it would be considered as a fraudulent act.
Feel free to ask if you've further queries.
Sussane
My husband is to be made bankrupt, we have a timehare in joint names but I paid for it, will I have to buy him out? Lose it? We have the apartment for 2 weeks every year in Ibiza and have to pay mainteance yearly on it.
Hi furzy!
Welcome to forums!
If it is a paid off timeshare, the trustee can sell it off in order to pay your husband's creditors. However, as you are a part owner of the property, you will get your share of the money from the sale proceeds. The rest of the money will be divided amongst his creditors.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If it is a paid off timeshare, the trustee can sell it off in order to pay your husband's creditors. However, as you are a part owner of the property, you will get your share of the money from the sale proceeds. The rest of the money will be divided amongst his creditors.
Feel free to ask if you've further queries.
Sussane