Timeshares are tempting. You and your wife go to Florida, or Hawaii, or somewhere that you just absolutely fall in love with and decide you want to continue coming back to try to relive that magical trip. There is a salesman there who describes to you how you can have a time share that should basically pay for itself and you can come back to this place, or any one of a number of sister properties for 2 or 3 weeks a year. All you have to do is finance it for ten to fifteen thousand dollars and you will save money in the future after it has been rented out for the other 49 weeks of the year.
A lot of the time it does not work out as wonderfully as it originally sounded. If you have been hurt due to the ongoing recession and realize that you need to shape up your finances then you can discharge the obligation on the timeshare in a bankruptcy. The timeshare should be dischargeable in most Chapter 7 and Chapter 13 bankruptcies.
Your unsecured non-priority (credit card and medical bills) should be dischargeable as well. In Texas, you would be able to claim your home, cars for drivers in the family, and personal property that you need to maintain your profession and life as exempt.