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Can A Chapter 13 Bankruptcy Be Converted To A Chapter 7

There are several factors that go into the decision to file a chapter 7 or chapter 13 bankruptcy. Typically the type of bankruptcy filed will depend on factors such as income, assets and whether the filer has previously filed for bankruptcy. Sometimes during the bankruptcy process circumstances can change and a bankruptcy will have to be converted to a different plan. Both bankruptcies, chapter 7 and chapter 13, can be converted into each other depending on the circumstances. However, the most common occurrence that we see in our practice is chapter 13 bankruptcies being converted into a chapter 7.

Reasons To Convert A Chapter 13 Into A Chapter 7:

  1. Chapter 13 bankruptcy payments allow debtors to gradually repay a portion of the debt over a 3 to 5 year period. For many clients this plan works wonders because it eliminates most if not all of their debt, gets rid of wage garnishments and catches up arrearages on mortgages. Unfortunately, some debtors have a change in financial circumstances and are not able to keep up with the plan payments. When this happens our office is typically able to work with the bankruptcy trustee and resolve the issue. In other instances an evaluation of the case will determine that the best course of action is to convert the case into a chapter 7 bankruptcy.
  2. The debtor decides to relinquish the asset that the chapter 13 was designed to protect.

When a client retains our services we represent them throughout the entire process until their case is discharged. When circumstances change our office will counsel you on the best course of action to take. While converting a chapter 13 into a chapter 7 isn't complicated, the decision to go into the conversion requires some serious thought. Most cases will be eligible for conversion if the debtor can pass the "means test" and has not filed a chapter 7 in the previous 8 years. If you are thinking about filing for bankruptcy or are currently unable to make your payments in a chapter 13 bankruptcy plan contact our office today to see if you are eligible for a conversion. Douglas County Bankruptcy Lawyers has helped thousands of clients get their financial lives back on track.

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