This question was asked on Wednesday, March 10th, 2010 at 1:53 pm and is filed under Timeshare Vacations. You can follow any responses to this entry through the RSS 2.0 feed.
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First, make sure you have accurate information about what has actually happened. Most likely, only the affiliated developer has filed for bankruptcy protection and not the “resort” itself. Always contact your owner’s association or resort management company to ensure you aren’t simply reacting to rumors!
In the rare instances when a developer files for bankruptcy protection, a deeded owner’s usage is not usually effected. Your association should continue to operate the resort normally, and future your reservations or resort services should not be impacted. What will possibly change is that new on-site sales may stop until another developer takes over. In other words, there may not be any sales presentations or tours until the bankruptcy proceeding is resolved.
If you’ve already spoken to your association or resort management are still aren’t comfortable, consult with your legal counsel to ensure you are fully informed about what to expect in your specific case. Chances are you’ll discover that the impact on your ownership is minimal.
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