If you are filing bankruptcy, but have a trip planned or even paid for already, you may be wondering if there are repercussions to filing and taking vacations.
When you file bankruptcy you need to list all of your assets, assets you have currently, are entitled to in the future and even pre-paid items, like vacations. There is a section on the assets schedules of your case, where you can list pre-payments. This is likely where your attorney will list your pre-paid vacation. Depending on which type of exemptions you are using (state or federal) and how much the vacation is worth, your attorney will look at whether there is any non-exempt value to the vacation.
If you are in an active bankruptcy and have a vacation planned, you may be wondering if you can still go. Generally speaking, yes, but you should speak with your attorney about it to make sure there aren’t dates you would need to attend a hearing or anything else that would interfere. For example, your 341 hearings is typically (but not always) the only hearing you will need to attend and is about one month after filing your case.
If you have a timeshare and have filed bankruptcy, you will need to list your intention with the timeshare in your case. For example, if you will be surrendering the timeshare through your case or trying to keep it. Your attorney will look at the expense amount of keeping your timeshare and will advise you on keeping it or surrendering it within your case.
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