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FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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If a person has started a chapter 13 because they would like

Resolved Question:

If a person has started a chapter 13 because they would like to keep their house but is stripping the second, and at the last minute the second mortgage company settles for less can I flip my 13 to a chapter 7 since nothing has been finalized yet through my trustee. My question should be sent to a bankruptcy attorney.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 4 years ago.
Hello,

Thank you for your question.

You can convert to a chapter 7 if you meet the requirements of a chapter 7. A chapter 13 may be converted as of right to a chapter 7.
Customer: replied 4 years ago.
that didnt tell me anything, you didnt answer my question.
Expert:  FiveStarLaw replied 4 years ago.
you asked me if you can "flip my 13 to a chapter 7". the answer is yes. My above answer is the explanation why you can do so.
Customer: replied 4 years ago.
my question is that I settled for less with my second mortgage before my chapter 13 has been approved with my trustee, now can I flip my 13 to a 7. Under Indiana law you have to file 13 when keeping your first mortgage and stripping a second mortgage, but technically I did not strip my second mortgage it was settled for less.
Expert:  FiveStarLaw replied 4 years ago.
yes It appears that you can settle for less with your 2nd mortgage and flip to a 7
Customer: replied 4 years ago.
DO YOU NOT ANSWER WITH LEGAL ANSWERS LIKE UNDER INDIANA LAW SECTION 32 IT SAYS WHATEVER OR ARE YOU JUST BEING FAGUE.
Expert:  FiveStarLaw replied 4 years ago.
bankruptcy is a creature of both federal and state law. The right to convert is governed by federal law.11 U.S.C. § 1307.
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36470
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and other Bankruptcy Law Specialists are ready to help you

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