Bloomberg News (and other sources) have reported that Arizona-based ILX Resorts has filed for bankruptcy protection. In a story that is becoming all too familiar, ILX Resorts timeshares cites the tight credit market and the growing economic recession as causes.

But here is an important fact to remember: ILX Resorts timeshares are open for business and will continue to operate. Many people learning of the situation at ILX Resorts timeshare will walk away remembering only the word “bankruptcy,” but ILX has filed chapter 11, an important distinction, which is designed to protect a company from its creditors for during a period of restructuring. ILX Resorts has not filed chapter 13 bankruptcy, which is liquidation bankruptcy.

Southwest US and Mexico Timeshares

ILX timeshares owns eleven timeshare resorts, most of which are located in the southwestern US. They also own one Mexico timeshare in San Carlos. In the US, ILX timeshares can be found in Arizona, Colorado, Nevada, and South Bend, Indiana.

Premiere Vacation Club is owned and operated by ILX Resorts Incorporated and is a vacation ownership program offering the flexibility of staying as few as two nights or as long as multiple weeks in your ILX timeshare. Affiliated with Interval International timeshare exchange, Premiere Vacation Club timeshare can be exchanged internally through the ILX Resort system or through Interval International.