Submitted by Anonymous on Mon, 08/10/2009 - 07:54
Posted in
My financial situation is changing pretty quickly and not getting any better. Is it possible or legal to change from chapter 13 to chapter 7 bankruptcy? How do you do it if I can and is it complicated to do?
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Editor's Response
Yes, you can convert to Chapter 7 bankruptcy if you are eligible for that type. The procedural requirements for such a change are not complicated. Typically, you would file a simple motion asking the court to convert the case. If you have an attorney, he or she will have little difficulty with the conversion. However, if you are representing yourself you will need to do some research to make sure the change does not raise any legal issues. For example, before converting, you need to make sure you have not acquired any property in the time period since the original filing that may have to be included in the Chapter 7 estate. For more information, visit our MA Bankruptcy Discussion forum. Good luck.
Converting to Chapter 7 bankruptcy
The big question I would have is why are you in 13 to begin with? If you filed Chapter 13 to cure an arrearage on your home then converting to 7 may result in losing your home.
As for the conversation itself, I agree completely with the editor, in that it is not all that complicated, a motion will be filed and you or your lawyer will have to send out notice to all of your creditors. You will have to do another §341 meeting. And none of this is likely covered in your originally agreement with your attorney so you will likely get a bill. You will need to be financially eligible for chapter 7 based on your income and expenses. If you are in a 3 year chapter 13 plan it is very likely that you are financially eligible for 7.
The good news is if you have incurred any additional debt since the date you filed the 13 you can now include that in your converted 7. Good luck. Robert Kovacs