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Chapter 11 Potential Creditor? Inquiry
Some timeshares are Simple contract claims. These contracts can be
avoided in Bk.
Some are sold with deeds and cannot be avoided.
Some are sold in deficiency states, and if you stop paying you invite
suit.
You have to see the paperwork and figure it out.
Sent from my iPhone
On Jul 9, 2010, at 11:01 AM, Christine Wilton wrote:
> 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 ----------
> 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
> ***************************
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> attachments, is intended solely for review by the intended recipient
> (s) and may contain confidential and privileged information. Any
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> 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.
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> 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.)
>
Some timeshares are Simple contract claims. These contracts can be avoided in Bk.Some are sold with deeds and cannot be avoided. Some are sold in deficiency states, and if you stop paying you invite suit.
The post was migrated from Yahoo.
Quick: Yes, client still has obligation to continue making payments. Time
shares are estate assets usually sold to buyers leaving the underlying
rights to use the property unaffected. For additional information, Section
365 and cases interpreting it should provide the answers.
On Fri, Jul 9, 2010 at 11:01 AM, Christine Wilton wrote:
>
>
> 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 ----------
> 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.)
>
>
>
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Quick: Yes, client still has obligation to continue making payments. Time shares are estate assets usually sold to buyers leaving the underlying rights to use the property unaffected. For additional information, Section 365 and cases interpreting it should provide the answers.
On Fri, Jul 9, 2010 at 11:01 AM, Christine Wilton <attorneychristine@gmail.com> wrote:
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.