Consolidated Resorts timeshare company has filed for bankruptcy. The company is just one of the many business firms in the timeshare industry who wanted relief from the dramatic changes in the economy and the dwindling time-share environment.
The company put the blame on the scarcity of timeshare lenders in the timeshare industry making it impossible for them to go on with their operation. Moreover, the bankruptcy affects other small businesses like the small-show operators along the Strip that are used to lure customers during timeshare presentations.
As for timeshare owners, even though the timeshare company has filed for bankruptcy, payments on their timeshares still need to be made as normal. When timeshare companies filed for bankruptcy, it does not mean that timeshare owners are now free from their . If you own a timeshare and the timeshare developer you belong to is in financial turmoil, you may experience problems with the overall experience of owning a timeshare. Continually paying for monthly maintenance expenses, real estate taxes and other timeshare-associated fees, is definitely unfair for timeshare owners.
This is just how it is with timesharing. The best you can do is to obtain more information about the bankruptcy proceedings and make sure the money that you and the other owners paid for the operations and maintenance of the building will be applied to the needs of the building. You along with the other owners need to make sure to follow up with the management company and the bankruptcy court to insure that the standards for your building are being kept. If they’re not, you have the right to band together to hire another time share management company and take over the management. Also, it will bring much relief for timeshare owners if someone is representing their interests in court.
brey123 8:11 pm on July 3, 2009 Permalink |
I always love having beach vacations, but I haven’t thought of buying timeshares. All I know is that it is difficult to get rid of timeshares.
andreas gilad 1:57 pm on July 28, 2009 Permalink |
Today, competition is so stiff that timeshare developers come up with great packages that will interest the potential buyers. You can avail it too.
luke simson 5:40 pm on July 15, 2009 Permalink |
At Timeshare Relief, we’ve heard stories, like honeymoons, from our clients about their encounters with timeshare sales teams.
isaac humprey 7:49 pm on July 16, 2009 Permalink |
When your planning, for a vacation and thinking about timeshare relief, you will not only get a room, you get a kitchen, dining, and living room. In other words, your like owning a place that you can call your own.
jonathan swift 7:43 pm on July 17, 2009 Permalink |
Timeshare Relief Sr. Vice President Marcus Gillette spent the better part of the last 3 years traveling & conducting seminars & helping thousands of people find relief from their timeshare contracts.
adeline parks 8:20 pm on July 20, 2009 Permalink |
In this video testimonial, Wynk Family ended up paying a $5400 special assessment fee. If you are a timehare owner, better ask your home resort how well they are insured.
greg naismith 5:15 pm on July 21, 2009 Permalink |
Timeshare Consolidated Resorts filed for bankruptcy. The company owns the Tahiti Village Resort in Las Vegas, 9 properties in Hawaii & 1 in Orlando according to a press release from their website.
jennie growl 3:20 pm on July 23, 2009 Permalink |
Many people get hooked into buying a timeshare from the developer. They did not realized that there is a resale market. Those who want get rid of their timeshares offer their porperties at a much much lower price.
jeremy andler 5:24 pm on July 24, 2009 Permalink |
One of the good thing about timeshare is that you can pass it on your successors. However, they still have to shoulder the annual maintenance cost.
bethany caleb 8:25 am on July 27, 2009 Permalink |
Today, competition is so stiff that timeshare developers come up with great packages that will interest the potential buyers. You can avail it too.
andreas gilad 2:19 pm on July 28, 2009 Permalink |
Some resorts nowadays are a combination of a timeshare and accommodation services. Now, its hard to distinguish which is better of the two. I think the two may differ in their costs.
analise griffin 2:31 pm on July 29, 2009 Permalink |
Of course, it is unfair to timeshare owners to pay regularly while the developers are in financial turmoil. If this happens, their services and resort amenities will be of third grade quality.
alexander rode 5:09 pm on July 30, 2009 Permalink |
If a timeshare resort is already going into bankruptcy, isn’t it that the owners have a right to transfer to another resort with the a refund from the company? I hope there will be a law about it.
thea burrows 2:24 pm on July 31, 2009 Permalink |
What if you see that the increasing maintenance costs dd not apply to the needs of the timeshare property? Can you file any complaint to the timeshare developer?
simeon fogg 2:01 pm on August 3, 2009 Permalink |
It’s totally unfair for the timeshare owners to pay normally the maintenance and other costs if the timeshare company is in financial turmmoil. What you expect if the company is going in bankruptcy is their quality of services and timeshare amenities will greatly be affected.
andrew canne 1:52 pm on August 4, 2009 Permalink |
I would just ask, how a bankruptcy would affect the timeshare owners? Please post some articles for this.
ashby coleman 4:31 pm on August 5, 2009 Permalink |
Bankruptcy means that the business is going to lose. The quality of services also is starting to decrease. Is this the case of timeshare developers who are going to bankrupt?
elijah mores 9:08 pm on August 6, 2009 Permalink |
How unfair it is to hear that as some timeshare developers are going on bankruptcy, the annual costs charged to owners is still increasing. Maybe, these developers are compensating for their loss from the fees paid by timeshare owners.
joshua shure 8:31 pm on August 7, 2009 Permalink |
What if the timeshare developer would close its business? Are the timeshare owners would be given refund by the timeshare developer?
jarred crane 4:05 pm on August 10, 2009 Permalink |
With the economic condition that we have currently, it’s possible that some timeshare resorts will go on bankruptcy. So, owners beware!
daniel roysten 7:31 pm on August 11, 2009 Permalink |
I agree that the money that you and the other owners paid for the operations and maintenance of the building should be applied to the needs of the building. How unfair it is if the timeshare company increases its fees without improving its amenities.
kirsten lothe 8:08 pm on August 12, 2009 Permalink |
The amount paid for the supposedly maintenance and other fees of the timeshare property should be well-declared to the owner. Timeshare developers should show some legal papers showing where these costs went.
cliff ruebuck 6:53 pm on August 13, 2009 Permalink |
Before a timeshare developer increase their maintenance fees, they should show some papers to where these cost will go to. In this way, it will a proper justification for the increased costs.
camela sue 7:53 pm on August 14, 2009 Permalink |
With the economic downturn just recently and we are still experiencing today, there is more likelihood that some business establishments will file for bankruptcy. The timeshare industry is vulnerable to this also. I just hope that the welfare of the timeshare owners will not be forgotten during these hard times.