Tag Archives: DebtProblems

Can I Convert My Chapter 13 Bankruptcy to a Chapter 7?

Chapter 13 bankruptcy requires debtors to enter a three to five-year payment plan to pay back their debts. After completing the payment plan, you can keep your most important possessions and remaining unsecured debts are discharged. Depending on the circumstances, there may be benefits for converting your Chapter 13 bankruptcy to a Chapter 7 bankruptcy. People may do this for the following reasons. Your financial circumstances change, such as losing a job. Perhaps you can no longer afford your Chapter 13 repayment plan for other reasons. This may happen if your household size increases and the added expenses make Chapter 13 payments too difficult. Unexpected illness may also make Chapter 13 payments unaffordable. If you filed Chapter 13 to keep certain property and decide you no longer want that property, you may benefit by converting to Chapter 7. In some cases, the bankruptcy court requires debtors to convert their cases…
Read More »

Posted in Bankruptcy Law | Tagged , , | Leave a comment