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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2822
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I am currently paying on a Chapter 13, I really need to file

Resolved Question:

I am currently paying on a Chapter 13, I really need to file a Chapter 7 and my SSD check is being stretched to the max and not always able to pay the bills. Thanks for any help you can offer me.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.
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Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

If you have not filed chapter 7 in the 8 years prior to filing the 13, then you may be able to convert to chapter 7. If you have had a change of circumstances, and you can no longer afford your monthly bills as well as the chapter 13 payments, you may be a good candidate.

Terry L. :

Be careful though, for the reason you filed chapter 13 may come to issue if it was for protecting unexempt assets (equity in home, car paid for, other valuable asset), lots of non-dischargeable debt, curing mortgage or automobile payment arrears etc. Talk to your lawyer to make sure none of these are issues on the conversion.

Terry L. :

When you convert (or just file a new 7), the trustee can liquidate any unexempt assets, so have your attorney review the list for you.

Terry L. :

If you are paying a house or car thru the ch13 plan, you may need to catch up as the plan payments don't necessarily pay the regular contractual payment that would have been due, and you may need to catch up on your own.

Terry L. :

if you have had a prior 7 in the 8 years before the ch13 filing, you cannot convert. If 8 years has since passed in total, you should dismiss the 13, then file a new chapter 7 in that case.

Terry L. :

Hope that gives you some clarification. THanks for your questions, good luck.

Terry L. and 3 other Bankruptcy Law Specialists are ready to help you
Expert:  Terry L. replied 6 years ago.
good luck to you, thanks for your question. you can reply if you have any further questions.