Posted on: 21st Nov, 2006 01:14 pm
can a chapter 13 be converted to a chapter 7 bankruptcy
Hi,
It can be converted after a notice for conversion and hearing by the court. The court may convert a case to chapter 7 on request by a party having interest involved in chapter 13 or by the United States trustee.
The conversion will be allowed if the court feels it would be in the best interest of creditors and the estate.
It can be converted after a notice for conversion and hearing by the court. The court may convert a case to chapter 7 on request by a party having interest involved in chapter 13 or by the United States trustee.
The conversion will be allowed if the court feels it would be in the best interest of creditors and the estate.
hi guest,
it is possible to convert chapter 13 bankruptcy into a chapter 7 any time and for any reason. you may state that you are not able to satisfy the obligations of your payment plan on account of a change in your financial situation. but while converting to a different chapter, you may lose some of your assets. also, if you have already received a discharge in chapter 7 case filed within 6 years preceding the date of filing chapter 13, you will not get a discharge after the conversion.
however, after the conversion, any property you own belongs to the chapter 7 estate until and unless the property is exempt. also, the trustee in this type of bankruptcy will sell off the property and pay the sale proceeds to creditors thereby satisfying your debt obligation.
thanks,
caron.
it is possible to convert chapter 13 bankruptcy into a chapter 7 any time and for any reason. you may state that you are not able to satisfy the obligations of your payment plan on account of a change in your financial situation. but while converting to a different chapter, you may lose some of your assets. also, if you have already received a discharge in chapter 7 case filed within 6 years preceding the date of filing chapter 13, you will not get a discharge after the conversion.
however, after the conversion, any property you own belongs to the chapter 7 estate until and unless the property is exempt. also, the trustee in this type of bankruptcy will sell off the property and pay the sale proceeds to creditors thereby satisfying your debt obligation.
thanks,
caron.
i want affirm creditor the amount that he afrims to is to high,he'll affrim for almost double what is owed him at a little less payment per month,i don't owe him that much
Hi lester,
Welcome to the forum.
Have you convert the chapter-13 to chapter-7? Why has your creditor increased the amount that you owe to him? Is it that it has increased because you have not paid the monthly payments and that has been added on the total amount and he may have added some penalty with the due amount.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
Have you convert the chapter-13 to chapter-7? Why has your creditor increased the amount that you owe to him? Is it that it has increased because you have not paid the monthly payments and that has been added on the total amount and he may have added some penalty with the due amount.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Did you request for a validation of the debt? i think you should do it. Write a letter to him stating that if he can give you some figures to prove the debt that you owe, then that will be helpful for you.
Here's a sample validation letter, http://www.creditmagic.org/repair/sampleletter-debtvalidation.html that you may use.
Thanks,
Jerry.
Here's a sample validation letter, http://www.creditmagic.org/repair/sampleletter-debtvalidation.html that you may use.
Thanks,
Jerry.
if i cnvert from a 13 to a7 will i have to give up mycar it is the only thing left to pay on my 13
As far as I know, yes you will have to give away your car. It will be liquidated to pay off the lenders.