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Page 12 of 82 |
Can I switch to a chapter 7 bankruptcy after filing a chapter 13? |
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Yes, you can convert a Chapter
13 bankruptcy case to Chapter
7 bankruptcy
at any time, for any reason. The typical reason for converting is that
you cannot meet the obligations of your payment plan due to changed
circumstances. You should be aware that in doing so you will lose some
of your property. Furthermore, if you received a discharge in a Chapter
7 case filed within the six years preceding the filing date of the
chapter 13 petition, you cannot receive a discharge in the converted
case. There would not be much point in converting in that situation. In
addition, be aware that any property you own at the date of the
conversion belongs to your Chapter 7 estate; unless that property is
exempt, the trustee will be able to take it and sell it for the benefit
of your creditors. Moreover, you cannot avoid the qualifications for
filing a Chapter 7 simply by converting a Chapter 13. You'll need to
meet the means testing requirements or the Court will refuse to convert
the case.
(Reviewed 11.14.08)
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