Can you get rid of time shares with bankruptcy?

Can you get rid of "Time Shares" by filing bankruptcy protection? Yes, it is possible to address timeshare obligations through bankruptcy, but the specific outcome depends on the type of bankruptcy filed and the details of the timeshare contract. 

Chapter 7 Bankruptcy:

• Discharge of Debt: In a Chapter 7 bankruptcy, you can discharge unsecured debts, including credit card debt and medical bills. Timeshare maintenance fees and mortgage payments may be considered unsecured if the timeshare's value is less than the loan amount.
• Surrender of Property: You can surrender the timeshare back to the lender or the resort, effectively ending your obligation to pay future fees and payments.
• Automatic Stay: Filing for bankruptcy will place an automatic stay on collections, which temporarily stops collection actions from creditors.

Chapter 13 Bankruptcy:

• Repayment Plan: In a Chapter 13 bankruptcy, you propose a repayment plan to pay back a portion of your debts over 3-5 years. Timeshare fees and mortgage payments can be included in this plan.
• Secured vs. Unsecured Debt: If the timeshare is considered secured debt (i.e., there is a mortgage on it), you will need to continue making payments or include it in your repayment plan. Unsecured portions of the debt may be discharged.
• Lien Stripping: If the timeshare is underwater (worth less than what you owe), you might be able to strip off the unsecured portion of the lien in a Chapter 13 plan.

Even if you surrender the timeshare, you might still be responsible for some maintenance fees until the lender officially forecloses and transfers ownership. It's crucial to consult with a bankruptcy attorney to discuss your specific situation and determine the best course of action. They can guide you through the process and help you understand the potential outcomes and risks. Bankruptcy can be a complex process, and the treatment of timeshares will depend on the specifics of your situation, so professional advice is essential.