Acquiring a timeshare can be a great idea. However, with a number of its disadvantages, some owners can’t stand to lose money in maintenance fees and other costs and thus, want to get out of their timeshares. One of the few ways to get out of timeshares is to surrender it in a bankruptcy.
To give up your timeshare, first, review your timeshare agreement. The agreement may consist of clauses that cover situations in which you might want to give up your rights to use such property in any way. It’s also better if you assess your options for giving up the timeshare. You have the option to sell it or include it in a bankruptcy filing. If you opt to sell, expect to get a price that is lower than the amount you originally paid for it.
Importantly, you must talk to a lawyer about bankruptcy options. Be aware also of state laws pertaining to timeshare agreements. Under the law, timeshare owners have the right to surrender their rights to use real property following certain regulations, such as providing proper notice to the owner of the real estate. Then, notify the owner or the company that holds the deed to the real property about your intent to surrender your timeshare.
Many timeshare owners today can no longer afford the maintenance fees and other costs. As a matter of fact, there are thousands of owners who are trying to get rid of their timeshares. Some even hire a timeshare transfer company such as the Transfer Smart just to get rid of it. While selling it is still the most popular option for most owners, including it in a bankruptcy filing can also be the way to eliminate the costs associated with such property.