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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2525
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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Hi, my wife and I filed for Chapter 13 a couple of years ago

Resolved Question:

Hi, my wife and I filed for Chapter 13 a couple of years ago (a little more than). Our mortgage is outside the case and is current. I lost my job about 5 months ago and realistically it will be unlikely that I can find a similar job at my age and circumstances. I have not been able to find any job in the interim and stopped making payments. The Trustee has filed a motion to dismiss our case for non-payment. Is conversion to Chapter 7 possible since our mutual income is now about 25% of what it was at the time of the Chapter 13 filing, and will likely not rise above 50% of that figure given all the circumstances around my employment. There are no secured creditors left. Would we be able to keep our house?

Thanks

Joe
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 5 years ago.
Hi Joe.
Conversion is definately a possiblity.
IF your current expenses are greater than your income, and if you have no equity after using your homestead exemption, then chapter 7 conversion is a good option. Now, you need to review the reason you filed chapter 13 in the first place. if it was based on income, or because you were behind on the mortgage then you should be fine. If it was because you had equity in an asset (like the home) or because you filed chapter 7 previously, then it might not be the best option. Talk to your lawyer to review your case to see if conversion is in your best interests.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2525
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
I think I might have left out the most important issue for us - would keeping our home be a possibility since it was outside the Chapter 13 case and is current.
Expert:  Terry L. replied 5 years ago.
You can, as long as you can make the payments, stay current on the loan and assuming there is no equity for the court to pursue to liquidate to pay your creditors.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2525
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and other Bankruptcy Law Specialists are ready to help you

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