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Converting a Chapter 7 to a Chapter 13

When you file a Chapter 13 bankruptcy case, you are committing to a payment plan that will last at least three years. If you should experience an unforeseen financial change which negatively impacts your ability to make your plan payments, you should contact us to discuss whether you are eligible to convert to a Chapter 7 case.

Ch 7 to Ch 13 pic

If you qualify for conversion, the procedure for converting your Chapter 13 to a Chapter 7 is fairly straightforward. We will prepare and file the Notification of Conversion, pay the required fee and, the majority of the time, your case is converted to a Chapter 7 within a few days.

The court will appoint a Chapter 7 trustee to supervise your case. You will have a new meeting of creditors scheduled as required by 11 U.S.C. §341. There are a few additional documents that must be filed in order to meet the requirements for a Chapter 7 filing. For instance, you must file a Statement of Intent which sets forth what you intend to do with your secured loans. This means you must state whether you will surrender the asset pledged as collateral or keep it and continue to pay for it. You may also be required to amend your schedules and statement of financial affairs to tell the court about the financial changes that have taken place since you filed your Chapter 13 case and the date you converted to a Chapter 7.

Contact a Brevard County Bankruptcy Attorney at Faro & Crowder, PA

If you are currently struggling in your Chapter 13 and you need help, contact us to discuss converting to a Chapter 7 and avoiding having your bankruptcy case dismissed by the court. Call the attorneys at Faro & Crowder today to learn more about the conversion process and how it can benefit you.

Services Areas

We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

Get In Touch with Faro & Crowder, PA

Faro & Crowder, PA
Phone: 321-784-8158
1801 N. Sarno Road, Suite 01
Melbourne, FL 32935
Email: info@farolaw.com

The information on this blog or any blog is not intended as, and should not be taken as, legal advice.

Struggling in Your Chapter 13? Convert to a Chapter 7!

Shiny 7

When you file a Chapter 13 case, you submit a repayment plan that lasts three to five years. A lot can happen during this time that impacts your finances. What can you do if unforeseen financial issues prevent you from being able to afford your monthly Chapter 13 plan payments? One option to consider is converting your bankruptcy to a Chapter 7 case.

The conversion process is relatively simple. We can help you determine if you qualify for a Chapter 7 filing. If you do, a Notice of Conversion is filed, the fees are paid, and most cases are converted to a Chapter 7 within several days.

Once your case has been converted, you will have a new Chapter 7 trustee appointed to supervise your filing. The Chapter 7 trustee will schedule a meeting of creditors as required under 11 U.S.C. §341. The Chapter 13 trustee will refund any payments that you made toward your plan that were not distributed to your creditors.

There are a few pleadings that must be filed in order to comply with the Chapter 7 requirements. For instance, a Chapter 7 debtor is required to file a Statement of Intent that outlines how you intend to handle the assets pledged as collateral under your secured loans. You will also want to amend your pleadings to inform the court of any debts incurred since the date you filed your Chapter 13 and any other changes that occurred prior to the conversion date. Once your pleadings have been updated to comply with the Chapter 7 requirements, your case proceeds as if you had originally filed it as a Chapter 7.

If you are in a Chapter 13 case and it is no longer working for you, let us help. Don’t let your case get dismissed. We can review your circumstances and determine if you are eligible to convert your case to Chapter 7. Call us to schedule a free consultation today.

Conversion: From Chapter 13 to Chapter 7

If you have filed for bankruptcy protection under Chapter 13, you have committed to making monthly payments to the trust to fund your repayment plan. A Chapter 13 plan lasts for three to five years, so many changes in your life can occur during this time. What happens if you lose your job, suffer a serious medical condition, or encounter other significant financial changes? If you discover you are no longer able to afford your monthly Chapter 13 payments, you should consider converting your filing to a Chapter 7 case.

The conversion process is fairly straightforward. We can file a Notice of Conversion with the bankruptcy court and pay the applicable fee. In most cases, your case will be converted to a Chapter 7 within a few days.

Once your filing has converted to a Chapter 7, a new trustee will be appointed to handle your case. The court will also schedule a new Meeting of Creditors. In some cases, the Chapter 13 trustee will return funds to you that were being held to make your plan payments. Upon conversion, this money belongs to you.

In order to comply with the Chapter 7 requirements, we will need to file additional pleadings with the court. For example, a Chapter 7 debtor is required to inform the court and creditors with what he/she intends to do with his/her secured debt. A form called a Statement of Intent is filed stating whether you intend to surrender or keep possession of the assets you pledged as collateral to your secured lenders.

It is also important to inform the bankruptcy court of any significant changes that have occurred during the time between your Chapter 13 filing and your conversion. This includes how your income has changed as well as listing any debts incurred before the date you converted your case so it can be eligible for discharge.

If you are struggling to meet the financial requirements of your Chapter 13 plan, don’t give up hope. Let us review your individual circumstances and determine whether you should consider converting your case to Chapter 7.

If you have questions regarding filing for bankruptcy protection or converting an existing case, contact us for a free consultation.

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