How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask WALLSTREETESQ Your Own Question
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
16356563
Type Your Bankruptcy Law Question Here...
WALLSTREETESQ is online now
A new question is answered every 9 seconds

In my bankruptcy, I have a disposable income of $500. Do I

Customer Question

In my bankruptcy, I have a disposable income of $500. Do I have a chance at being converted from a Chapter 7 to a 13?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 4 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification.

WALLSTREETESQ :

Have you gone through the means test, and detailed all your living expenses?

Customer:

Yes.

WALLSTREETESQ :

how much do you make a year?

Customer:

combined my wife and i make 41k per year. We have one child.

WALLSTREETESQ :

If you have included all your child expenses as well including rent and utilities, transportation, clothes etc., and have $500 left over, that would be rare,

Customer:

what would be rare? being converted to a 13 you mean?

WALLSTREETESQ :

If you attend a 341 hearing it is possible the chapter 7 trustee may force a conversion to a chapter 13 as $500 per month would be enough to pay your creditors, and over 60 months they would be paid a significant amount.

WALLSTREETESQ :

I would think it would be rare, to have $500 left over a month, for a couple with one child.

Customer:

Okay. Thanks.

WALLSTREETESQ and 4 other Bankruptcy Law Specialists are ready to help you
Expert:  WALLSTREETESQ replied 4 years ago.

Even if you use $3000 minus rent $1000 food $500 clothes $200 transportation $200 car gas $300 etc.

 

$500 left over is significant, you should re check all your figures and expenses.