Converting from Chapter 7 to Chapter 13

hi abel,

a pending chapter 7 bankruptcy can be converted to chapter 13 if there is any abuse of the procedures for the previous type. the debtor may not be able to satisfy the means test wherein his current monthly income (cmi) is expected to go beyond $100 on a monthly basis throughout a time period of 5 years.

thanks

What if I can't complete chapter 13 payments. It's not that I cannot, just trying to get more info before I set out for the conversion?

Hi,

You will have the probable options if you fail to make the chapter 13 payments.

• Dismiss the chapter 13 case.
  
  
• If you are not able to pay on account of circumstances for which you are not responsible, the court may allow you to close the case and obtain a partial discharge.

In general, debtors can convert to a chapter 7 bankruptcy if they fail to make up for Chapter 13 payments. Since you have initially filed chapter 7, so in your case, only the above options can tried out.

Know more about Chapter 13 from an article at http://www.mortgagefit.com/bankruptcy/chapter13.html

Thanks

As I understand it, I need to have a job to file Ch 13 but I have been trying to get a job for 5 months with no luck. What happens if I have no job?

Mehrtz...you need to make payments under the Chapter 13 plan. So, if you do not have a job it would be difficult for you. However, if you have social security income or disability income, then you may not face issues in paying the dues. I would suggest you to have a word with a bankruptcy attorney and take his opinion.

Why is your friend telling you to do a 13 instead of 7? Chapter 7 is much faster and liquidates all unsecured debts. You can have good solid reestablished credit in a couple years with a chapter 7, whereas you'd still be in bankruptcy with the chapter 13.

I HAVE BEEN SUMMONED ADVERSARY PROCEEDING WHAT IS YOUR ADVICE ON HOW TO HANDLE THIS MESS?

Hi RANDALL,

I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/bankruptcy/filech7-dismisscase.html

Take a look at it. Hope it'll help you.

The monthy payment for this is $2,108.00 per month. My husband is retired and we live on a limited income. My question is this: should I file a Chapter 7? I have a first mortage and a home equity line of $160,000.00 We can pay make the monthy payments on that, but I haven't worked going on four years after my job was outsource after 15 years of employment. My house is estimated at $315,000. We have a total mortage of 224,000. IN the the state of NJ can I still keep my home and file a Chapter 7?
Marie

Hi Marie,

You will be able to save your property though you file chapter 7. If you include the mortgage in your bankruptcy filing, then you should reaffirm your mortgage and pay off the dues on time and save the property.

Thanks,

Jerry

I have a peice of land that was an investment property that will not sell and i want to cut my losses and stop payin on it What is my best option, foreclosure or bankruptcy?

If i took a small cash advance 2 months ago of 300 dollars and last used card 3 weeks ago for gas and want to file chapter 7 the 90 days wait, does it start when i retain a bankruptcy attorney or when i actually file the petition.

I live in arkansas and I am in a chapter 13 is there a way that I can change to a chapter and still save my house or will i lose my house

hi labs,

if there is a mortgage on the property and if you're unable to pay off the dues, then you can apply for a deed in lieu of foreclosure in order to get rid of the property.

to roy,

you should contact a bankruptcy attorney and he will be able to help you in a better manner in regards to this query.

welcome shunteagirl,

you can change your chapter 13 bankruptcy filing to chapter 7 and still save your property. you should contact your bankruptcy attorney and he will guide you in this matter.

We are unable to pay credit card debt of aprox 30,000. This debt piled up on us because my husband is a contractor and over the past 3 years work got slower and slower and then nothing. We owe 50,000 on our home with know equity. The home is homesteaded. If we file chapter 7 will we beable to keep our house. And will they sell our furniture etc?