Answered on Jan 15th, 2013 at 1:56 PM
The short answer is yes, you still owe the debt even if your co-owner does not because of his bankruptcy. Bankruptcy can discharge debts such as loans made to purchase real estate, but the trust deed holder still has the right to foreclose on the property if payments aren't made. If your timeshare mortgage payments are not made in full, whether by you, your co-owner, or both, you can expect to see a notice of default and eventually foreclosure and sale of the property. (Maybe you already received a notice of default. Is that what you mean by "in collections"?) You will need to work this out with your co-owner, and determine whether you want to keep paying for the timeshare, let it go in foreclosure, sell it to someone else, buy out your friend's share, or otherwise handle it. If you cannot afford the timeshare and have other debts, an appointment with a local bankruptcy attorney might help you decide how to handle your affairs.