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Need Advice...
charset="windows-1251"
Answers:
1. Read Section 365
2. Read Section 365
3. Read Section 365
I hope that helps
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Christine Wilton
Sent: Friday, July 09, 2010 11:02 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Chapter 11 Potential Creditor? Inquiry
This goes out to our esteemed and experienced Chapter 11 practitioners.
Below is an email from a friend of mine who was noticed that his time share
lender has filed under chapter 11 and he is concerned that he will lose his
timeshare.
I ask that anyone with information to provide, please respond directly to me
off the list.
Any information for my friend would be greatly appreciated. Of course I
told him that it does not automatically relieve him of his contract for the
timeshare. The question really is:
1. What are his rights and liabilities; and
2. What actions, if any, does he need to take
Thanks a bunch!
Date: Thu, Jul 8, 2010 at 1:22 PM
Subject: Need Advice...
To: attorneychristine@ gmail.com
Cc: rweyant@roadrunner. com
Here are the facts:
My wife and I purchased a time share from "Textron Financial Corporation" a
few years ago.
After a deposit, a loan was taken out for this purchase.
The loan was approved but then sold to, "Resort Funding" out of New York.
We've been making payments to them ever since the purchase.
As Timeshare Holders, we recently received notice of a Chapter 11 filing for
"Textron Financial Corporation." Case # 2:09-bk-03594-RTB in the State of
AZ
This leaves us with a loan that is still years from being paid off. The
Chapter 11 places the possible access and use of the time share privilages
we purchased in jeopardy.
So, our question is:
Do we still have a legal obligation to continue paying on the loan in
question when there is no hope of deriving any of the time-share benefits
from our purchase.
Here is the website that provides additional info on this bankruptcy:
http://www.ilxresor
ts.com/about/bankruptcy_documents
Any advice/suggestions that can be offered would be greatly appreciated.
Mark
Best Regards,
Christine A. Wilton
Principal Attorney
Greifendorff Law Offices
333 City Boulevard West, 17th Floor
Orange, CA 92686
Office: 800-861-0786
Cell: 562-824-7563
Fax: 714-938-3255
Email: attorneychristine@ gmail.com
Web: www.greifenlaw. com
Blog: www.losangelesbankr
uptcylawmonitor.com
***************************
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is intended solely for review by the intended recipient(s) and may contain
confidential and privileged information. Any unauthorized review, use,
disclosure, or distribution is prohibited. Review by anyone other than the
intended recipient(s) shall not constitute a waiver of any ATTORNEY-CLIENT
PRIVILEGE or ATTORNEY WORK PRODUCT PROTECTION that may apply to this
communication. If you are not the intended recipient, please contact the
sender by return e-mail and destroy all copies of the original message.
Tax Advice Disclosure. Any tax information or written tax advice contained
in this email message, including attachments, is not intended to and cannot
be used by any taxpayer for the purpose of avoiding tax penalties that may
be imposed on the taxpayer. (The foregoing legend has been affixed pursuant
to U.S. Treasury Regulations governing tax practice.)
charset="windows-1251"
Message
Answers:
1. Read Section
365
2. Read Section
365
3. Read Section
365
I hope that
helps
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
This goes out to our esteemed and experienced Chapter 11 practitioners.
Below is an email from a friend of mine who was noticed that his time share
lender has filed under chapter 11 and he is concerned that he will lose his
timeshare.
I ask that anyone with information to provide, please respond directly to me
off the list.
Any information for my friend would be greatly appreciated. Of course I
told him that it does not automatically relieve him of his contract for the
timeshare. The question really is:
1. What are his rights and liabilities; and
2. What actions, if any, does he need to take
Thanks a bunch!
Date: Thu, Jul 8, 2010 at 1:22 PM
Subject: Need Advice...
To: attorneychristine@gmail.com
Cc: rweyant@roadrunner.com
Here are the facts:
My wife and I purchased a time share from "Textron Financial Corporation" a
few years ago.
After a deposit, a loan was taken out for this purchase.
The loan was approved but then sold to, "Resort Funding" out of New York.
We've been making payments to them ever since the purchase.
As Timeshare Holders, we recently received notice of a Chapter 11 filing
for "Textron Financial Corporation." Case # 2:09-bk-03594-RTB in the State
of AZ
This leaves us with a loan that is still years from being paid off. The
Chapter 11 places the possible access and use of the time share privilages
we purchased in jeopardy.
So, our question is:
Do we still have a legal obligation to continue paying on the loan in
question when there is no hope of deriving any of the time-share benefits
from our purchase.
Here is the website that provides additional info on this bankruptcy:
http://www.ilxresorts.com/about/bankruptcy_documents
Any advice/suggestions that can be offered would be greatly appreciated.
Mark
Best Regards,
Christine A. Wilton
Principal Attorney
Greifendorff Law Offices
333 City Boulevard West, 17th Floor
Orange, CA 92686
Office: 800-861-0786
Cell: 562-824-7563
Fax: 714-938-3255
Email: attorneychristine@gmail.com
Web: www.greifenlaw.com
Blog: www.losangelesbankruptcylawmonitor.com
***************************
Confidentiality and Privilege. This e-mail message, including attachments,
is intended solely for review by the intended recipient(s) and may contain
confidential and privileged information. Any unauthorized review, use,
disclosure, or distribution is prohibited. Review by anyone other than the
intended recipient(s) shall not constitute a waiver of any ATTORNEY-CLIENT
PRIVILEGE or ATTORNEY WORK PRODUCT PROTECTION that may apply to this
communication. If you are not the intended recipient, please contact the
sender by return e-mail and destroy all copies of the original message.
Tax Advice Disclosure. Any tax information or written tax advice contained
in this email message, including attachments, is not intended to and cannot
be used by any taxpayer for the purpose of avoiding tax penalties that may
be imposed on the taxpayer. (The foregoing legend has been affixed pursuant
to U.S. Treasury Regulations governing tax practice.)
This goes out to our esteemed and experienced Chapter 11 practitioners.
Below is an email from a friend of mine who was noticed that his time share lender has filed under chapter 11 and he is concerned that he will lose his timeshare.
I ask that anyone with information to provide, please respond directly to me off the list.
Any information for my friend would be greatly appreciated. Of course I told him that it does not automatically relieve him of his contract for the timeshare. The question really is:
1. What are his rights and liabilities; and
2. What actions, if any, does he need to take
Thanks a bunch!
---------- Forwarded message ----------From: MarkDate: Thu, Jul 8, 2010 at 1:22 PMSubject: Need Advice...To: attorneychristine@gmail.com
Cc: rweyant@roadrunner.com
Here are the facts:
My wife and I purchased a time share from "Textron Financial Corporation" a few years ago.
After a deposit, a loan was taken out for this purchase.
The loanwas approved but then sold to, "Resort Funding" out of New York. We've been making payments to them ever since the purchase.
As Timeshare Holders, we recently received notice of a Chapter11 filing for"Textron Financial Corporation." Case # 2:09-bk-03594-RTB inthe State of AZ
This leaves us with a loan that is still years from being paid off. The Chapter 11 places the possible access and use of the time share privilages we purchased in jeopardy.
So, our question is:
Do we still have a legal obligation to continue paying on the loan in question when there is no hope of deriving any of the time-share benefits from our purchase.
Here is the website that provides additional info on this bankruptcy:
The post was migrated from Yahoo.