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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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What documents are required to convert a Chapter 13 to a Chapter

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What documents are required to convert a Chapter 13 to a Chapter 7 case?

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 clarificati on

WALLSTREETESQ :

You would need a simple motion to convert your case,

WALLSTREETESQ :

Under the law, if this first chapter 7, a conversion is guaranteed,

WALLSTREETESQ :

So their would be no problem getting it converted.

WALLSTREETESQ :

The only issue you have is that you still have to be approved.

Customer:

Other than the motion, is the Chapter 7 Means test required?

WALLSTREETESQ :

the means test for the chapter 7 would be the same for a chapter 13,

WALLSTREETESQ :

The chapter 13 petition could amend the chapter 7 petition and should be to be approved,

WALLSTREETESQ :

in a chapter 13, the debtor has to have some money left over every month to pay their creditors,

WALLSTREETESQ :

The key issue is whether the debtor after paying all their monthly expenses has enough money left over to pay their creditors in a payment plan over 60 months,

WALLSTREETESQ :

the percentage could be low such as 5% if needed.

WALLSTREETESQ :

So the other 95% of the debts would be wiped out, and the creditors only receive 5% of the balances,

Customer:

OK, Thank you so much!

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