Bankruptcy + Timeshares

[TutuTerri]

Two years ago we converted 2 of our timeshares in Williamsburg worth 308,000 points with Fairfield/Wyndham to 1 timeshare worth 618,000 points at Bonnet Creek in Florida. The original points were owned outright with deeds issued and everything. We are currently paying $700 a month for maintenance plus purchase and I am certain the bankruptcy court will make us get rid of the property. Does anyone else have any experience in this sort of thing? I would really like to keep the original property we had and get out of the newest addition. Help!

 

[summervaca]

If you are in a position where you are filing bankruptcy, I would say, do not worry about holding onto it. Rid yourself of this expense for the time being. There are plenty of timeshares and everything else to be had when you get yourself back on solid ground. Take care of your family and that's it. Shelter and necessities are the only thing you should be concerning yourself with right now. I know things look terrible right now, but I truly believe if you just let go of the material things, you will be much more at peace than trying to protect things.

This advice was meant in the most positive fashion. Take care of yourself and look for better times. They will come. Good luck to you.

Debbie

 

[JudyS]

Wyndham resorts can be bought very inexpensively on the resale market, and there are tons of nice resorts to be had cheaply in Williamsburg. As the previous poster said, focus on getting back on solid financial ground. Once you have, come back here for advice on what to buy. It should be easy to buy what you want at a low price.

 

[caribbean]

Let it go. You will probably come out ahead getting rid of it.
Take your time to recover from the bankruptcy and rebuild your credit. Then when you are ready you can pick something up on the resale market for next to nothing. I just saw a 2BR week 23 at Kingsgate for $1 on eBay. And if you want points you should be abe to get 300,000 for $500-$1000 on eBay.
Good Luck

 

[Passepartout]

Wow! $700 a month MF! holy smokes, let it go. You'll be happier and so will your creditors. When you get your feet under you again and are able to vacation, drop back here. I also notice the OP is from the West coast. There may be better choices than a Florida resort for usability. Worldmark comes to mind. Good Luck!

Jim Ricks

 

[Kozman]

If you have a chance to dump the timeshares, do it since you are going through bankruptcy any way. There is no need to own a timeshare any more with all the cheap available rentals out there to the general public.