Timeshare termination team files Chapter 7 bankruptcy
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DENVER – A Colorado company that promised to help customers get out of their timeshare and offered a money back guarantee has filed for Chapter 7 bankruptcy.
The timeshare termination team filed for bankruptcy in late September, saying the company had around $ 10,000 in assets, including desks and office chairs. Bankruptcy documents filed with the court show that the company has an estimated liability of $ 25 million, this also shows that the company generated $ 2.2 million in gross revenue from January 1 to the date of filing.
A letter sent to former clients states: “No property appears to be available to pay creditors. Therefore, please do not file a proof of claim now.”
Company owners Brian and Holly Wilbur have also filed for Chapter 11 bankruptcy.
“Any hope of getting funds from them, no matter how small, was all but gone,” said Rob Dines, a former client.
Dinges said he hired the timeshare termination team in January of this year in hopes of ending his timeshare in Playa del Carmen, Mexico. He said the company even sweetened the deal by offering it a discount. He signed a contract and ended up paying $ 2,995, then he waited.
“I think it was August, I decided, well, maybe I better check it out again, see what happens,” Dinges said. “All the phone numbers I had, when I called, they were all offline, no longer in service. So I went online and Google searched for them.”
During his online research, he found stories from Contact Denver7 showing that the business had closed. He realized that he wasn’t the only one wondering what had happened to his money.
Contact Denver7 has received messages from around 30 viewers who say they also signed contracts with Timeshare Termination Team and paid the company thousands of dollars. The combined amount of money lost from all the people who contacted is over $ 130,000.
“In this case, unfortunately, that doesn’t look very good. There’s unlikely to be a significant return. If you’re talking about hundreds of thousands of dollars for claims and maybe $ 10,000 in assets, if you’re lucky people will see 10 cents on the dollar, in which case probably even less than that, ”said Jamie Buechler, a bankruptcy attorney who is not affiliated with this case.
Dinges said he’s trying to dispute the charges with his credit card company, but isn’t expecting much. He’s also still wondering if Timeshare Termination Team was ever a legitimate business or if it was a scam from the start.
“It frustrates me knowing that a company like this, whether legitimate or not, can just file for bankruptcy and go and leave everyone behind,” Dinges said.
There will be a meeting for creditors on October 28 at 10 a.m. They can call by dialing 888-395-7928 and entering the access code 4268596.