Legal Question in Bankruptcy in Minnesota

We purchased a time share in 2005, paid cash (hawaii). It was "in perpetutiuty" - our childeren are stuck with it. We have not yet been able to stay in it, although we have faithfully paid the annual maintance fees. The broker, "CRI" apparently has since gone bankrupt. We want out of the contract.

Since the broker has abandoned it's obligations, and yet we have remained faithful to ours, how can

we opt out of this trap, legally? Thank you. Nona


Asked on 1/20/11, 5:12 pm

1 Answer from Attorneys
Nathan Hansen Nathan M. Hansen, Attorney at Law

I do not think your children are stuck with this. Parents cannot bind their children in such a way.

You need to look at the contract, and perhaps the bankruptcy of this CRI, to evaluate the status of this matter.

Bankruptcy can rid you of this obligation, but that is probably not the only means by which this can be accomplished. You should speak with an attorney about this matter.

Nathan Hansen

651-704-9600

Read more
Answered on 1/26/11, 9:12 am


Related Questions & Answers

More Bankruptcy Law questions and answers in Minnesota