Full question:
We are thinking that we may need to default on 2 Timeshares. (Yes, 2!) Trying to keep it short -- we feel we've been scammed in more ways than one, The second Timeshare was purchased on the basis that the selling agent assured us they could make the first one 'disappear'. The first one was in California and we now live in Wisconsin and really can't even use it. A BIG problem with that one is they have continued to raise the 'Maintenance Fees' from a little over $100.00 per quarter in 2003 up to $389.00 per quarter now. And we are helplessly STUCK in this. What are some of the ramifications of defaulting on these Timeshares, besides the obvious damage to our credit. What can/will they do?
- Category: Judgment Liens
- Date:
- State: Wisconsin
Answer:
If you default on your timeshares, you may face several consequences beyond just damage to your credit. The timeshare company could sue you for the amounts owed. If they win, they can obtain a judgment against you. This judgment can lead to a lien on your property or bank accounts, meaning they have a legal claim to your assets until the debt is paid.
A judgment creditor can also request a court order to garnish your wages. This means a portion of your earnings would be withheld by your employer and sent directly to the creditor. Wage garnishment is regulated by state law, and certain types of income may be exempt from garnishment, such as Social Security benefits or child support payments.
In summary, defaulting on your timeshares can lead to lawsuits, wage garnishment, and liens on your property, all of which can significantly impact your financial situation.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.