Chapter 11 Potential Creditor? Inquiry
Posted: Sat Jul 10, 2010 12:57 pm
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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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.