2008-11-25
When an individual files for bankruptcy or makes a proposal, they make a list of all of their assets (and sworn under oath). Certain assets are considered exempt and certain ones are non-exempt. Exempt means that they are protected from seizure or are an asset you get to keep. Timeshares are non-exempt. So if you file for bankruptcy, the timeshare will be an asset that the Trustee will have to realize on. When the Trustee has an asset that they have to realize on, they will review the option of selling it or having you buy it back from your bankruptcy Estate. This is subject to any of your creditors who may have taken the timeshare as security or collateral for their loan. There may be 2 assets that the Trusee will be reviewing....both the value of the timeshare itself, and the value of any banked weeks you may have in the pool. Donna Carson, CGA, CIRP, Trustee Calgary, Airdrie, Drumheller regions 403.537.7657 or 1.877.500.0792 [email protected]
2025-10-06
MNP Consumer Debt Index
Ontarians’ financial vulnerability is intensifying as persistent economic uncertainty, concerns about borrowing costs, and employment anxiety weigh on household confidence.
2025-10-06
MNP Consumer Debt Index
The financial vulnerability of Saskatchewan and Manitoba residents is intensifying as their financial cushions shrink and more households edge closer to insolvency.
2025-10-06
MNP Consumer Debt Index
Albertans’ financial vulnerability is intensifying as persistent economic uncertainty, concerns about borrowing costs, and employment anxiety weigh on household confidence.
