Posted: April 15, 2020
When you file for Chapter 7 bankruptcy, all of your property becomes part of your bankruptcy estate. Immediately upon your filing, a Chapter 7 Trustee will be assigned to your case. It is the Trustee’s duty to investigate your assets and determine if the administration of those assets would create a benefit to your creditors. If the Trustee decides that the creditors would benefit from the administration of any of your property, the Trustee will seek to liquidate any non-exempt property. This will include a time share, if you own one. When you file bankruptcy you are entitled to certain exemptions. In the New York there is no specific exemption for a time share. However, in New York you have the option to claim Federal exemptions instead of the New York State exemptions. One of the Federal exemptions is the wild card exemption, which you can use for any property to the extent that you do not use a homestead exemption. The maximum wildcard exemption is $13,900.00. As such, you may elect to use the wild card exemption for a time share. If your time share has a value over and above the wild card exemption and there is no lien encumbering the time share, then the Trustee may take steps to sell it.
It is important to consult with and seek help from a seasoned bankruptcy attorney to review your particular circumstances, to explain your options, and to vigorously represent your legal interests should be at the top of your list. Kirschenbaum & Kirschenbaum, P.C. has an expert bankruptcy team with over 40 years of experience representing parties in the bankruptcy court. Not only do we have the knowledge, competence, ability and drive necessary to obtain the relief you need, but we also care, and will take those extra steps necessary to bring stability back to your life.
For assistance with all Bankruptcy matters, please contact us:
Ken Kirschenbaum, Esq. (516)-747-6700 Ext. 301 or
Stacy Spector, Esq. (516)-747-6700 Ext. 304 or